Range-bound textures are likely to continue

Mumbai, June 10

Today, the benchmark indices continued narrow range activity. The Sensex was down by 50 points. Among sectors, IT, Defense, and Media indices gained over 1 per cent, whereas the Realty index was the top loser, shedding 1 per cent.

Technically, the market has been witnessing narrow range activity over the last two days. Key support zones for traders include 82,000 and 82,100, while 82,400-82,600 would act as a key resistance area for the bulls.

Shrikant Chouhan, Head - Equity Research, Kotak Securities says, “We are of the view that as long as the market trades between 82,000 and 82,600, range-bound textures are likely to continue.”

A successful breakout above 82,600 could push the market up to 83,000-83,200. On the other side, below 82,000, selling pressure is likely to accelerate. Below this level, the market could retest the level of 81,700 – 81,500.

Stock Picks

Minda Corporation

Buy at ₹572 | Stop Loss ₹545 | Target ₹620

Minda Corp has shown a strong bullish breakout above the ₹560 resistance level, supported by rising volumes and improving momentum indicators. The stock is trading above its 20-day and 50-day moving averages, confirming the short-term uptrend. The Relative Strength Index (RSI) is around 67, indicating healthy momentum without being overbought. The recent price action has formed a higher high–higher low pattern, signaling continued buying interest. A sustained move above ₹570 could lead the stock toward ₹620 in the short term. As long as it holds above ₹545, traders may consider buying on dips with a positive bias.

Electrosteel Castings

Buy at ₹118 | Stop Loss ₹111 | Target ₹130

Electrosteel Castings has broken out above its immediate resistance near ₹116, indicating the beginning of a new upward leg. The stock has been consolidating for a few sessions, and the breakout is backed by a noticeable rise in volumes. RSI is currently at 65 and trending upward, signaling increasing momentum. The stock is trading above key moving averages and forming a solid base near the ₹110–₹115 zone. With continued strength, Electrosteel Castings may test ₹130 in the near term. A stop loss below ₹111 is advised to manage downside risk. The structure supports a bullish short-term view.

(Source_Riyank Arora Technical Analyst at Mehta Equities)

EoM.