Short-term outlook of market is positive
81,700-81,500 will act as key support levels, while 82,300 and 82,500 would serve as key resistance zones
Short-term outlook of market is positive
Mumbai: The benchmark indices witnessed a volatile trading session. After a roller-coaster activity, the Sensex was up by 137 points. Among sectors, the Reality index outperformed, rallying 1.10 percent, whereas intraday profit booking was seen in selective Defense and FMCG stocks.
Technically, after an early morning intraday rally, the market consistently experienced profit booking near the 82,300 resistance zone. However, the short-term outlook of the market remains positive.
Shrikant Chouhan, Head - Equity Research, Kotak Securities, said: “We believe that the 20-day SMA (Simple Moving Average) and the 81,700-81,500 zones will act as key support levels for traders.
As long as the market remains above these levels, the bullish sentiment is likely to continue. On the flip side, 82,300 and 82,500 would serve as key resistance levels for the bulls.
“For day traders, buying on intraday dips and selling on rallies would be the ideal strategy. However, below 81,500, the uptrend could become vulnerable.”
STOCK PICKS
IRCON | TRADE – BUY | CMP: Rs182.60 | SL: Rs174 | TARGETs: Rs195-Rs205
IRCON is showing strong bullish momentum after consolidating near Rs175 and rebounding sharply with rising volumes. The stock is holding firmly above its short-term moving averages, reflecting sustained accumulation. RSI is trending upward, indicating growing strength. A sustained move above Rs182.60 can take the stock toward Rs195 and Rs205. Traders may consider fresh long positions with a stop-loss at Rs174 to manage risk effectively.
Sandhar Technologies | TRADE – BUY | CMP: Rs473 | SL: Rs455 | TARGETs: Rs500-Rs520
Sandhar Technologies is witnessing steady upward momentum, supported by strong volume action and positive market sentiment. The stock has maintained higher highs and higher lows on the daily chart, suggesting continuation of the uptrend. RSI indicates healthy strength, and sustaining above Rs473 can drive a move toward Rs500 and Rs520. Traders can initiate fresh positions with a stop-loss at Rs455 to protect against downside pressure.
(Source: Riyank Arora Technical Analyst at Mehta Equities)
