Mkt is hovering in indecisiveness

In the last session of a truncated week, the benchmark indices witnessed profit booking at higher levels. The Sensex was up by 112 points.

Among sectors, the Defence index was the top gainer, rallying over 3 per cent, whereas PSU Bank index shed nearly 1 per cent. Technically, market opened on a positive note, but once again, the market witnessed profit booking at higher levels. On weekly charts, it formed a Doji candlestick pattern, indicating indecisiveness between the bulls and the bears.

Amol Athawale of Kotak Securities, said: “We are of the view that the short-term market texture is weak, but a fresh sell-off is possible only after the dismissal of 85,000 or the 20-day SMA (Simple Moving Average). “Below this, the market could retest the level of the 50-day SMA or 84,700. Further downside may continue, potentially dragging the index to 84,300. On the upside, a move above 85,600 could lead to a bounce back towards 85,800-86,100.”

STOCK PICKS

Titan | TRADE – BUY | CMP: Rs3,992 | SL: Rs3,900 | TARGETs: Rs4,100-Rs4,200

Titan continues to trade in a strong uptrend, supported by higher-high and higher-low formations. The stock is holding firmly above its short-term support zone near Rs3,900, indicating sustained buying interest. Momentum indicators remain positive, with RSI in the bullish zone. A sustained move above Rs4,000 can trigger the next leg of the rally toward Rs4,100 and Rs4,200. Maintain a stop-loss at Rs3,900.

Hindalco | TRADE – BUY | CMP: Rs872.90 | SL: Rs845 | TARGETs: Rs900-Rs925

Hindalco is showing steady strength after consolidating near its support zone. The stock has resumed upward momentum with improving volume activity. RSI remains positively placed, suggesting continuation of the bullish trend. A breakout above Rs880 could accelerate upside toward Rs900 and Rs925. Traders may hold long positions with a stop-loss at Rs845.

(Source: Riyank Arora, technical analyst at Mehta Equities)