Non-directional trend may continue in the near term
83,000 and 82,700 would act as key support zones, while 84,600 and 84,800 would be crucial resistance levels
image for illustrative purpose
Mumbai: In the last session of the week, the benchmark indices experienced a volatile trading session. The Sensex closed the week largely unchanged. Among sectors, the Capital Market and PSU bank indices outperformed, with the Capital Market gaining 4.85 per cent and the PSU bank index rallying 4.7 per cent. During the week, the market slipped below 83,000 but bounced back sharply due to oversold conditions. “We are of the view that the current market formation is volatile and non-directional, and the short-term activity indicating a non-directional trend is likely to continue in the near future,” says Amol Athawale of Kotak Securities. On the downside, 83,000 and 82,700 would act as key support zones, while the daily SMA (Simple Moving Average) at 84,600 and the 20-day SMA at 84,800 would be crucial resistance levels for the bulls.
Buy – Groww (Groww Invest Tech)
CMP: ₹170 | SL: ₹162 | Target: ₹182 / ₹190
Groww is showing steady accumulation near its support zone, indicating buying interest at lower levels. The stock structure remains positive, with momentum indicators gradually improving. A move above ₹172 can trigger fresh upside toward ₹182 and ₹190. As long as it holds above ₹162, the near-term outlook remains constructive.
Buy – Belrise Industries
CMP: ₹172 | SL: ₹165 | Target: ₹182 / ₹190
Belrise is trading in a positive setup after consolidating for a brief period. The stock is holding above its short-term support, suggesting strength in the ongoing trend. A sustained move above ₹175 may accelerate momentum toward ₹182 and ₹190. Traders can consider buy-on-dips with a strict stop-loss at ₹165
(Source: Riyank Arora, technical analyst at Mehta Equities)
