Short-term texture of mkt is positive

Today, the benchmark indices witnessed profit booking at higher levels. The Sensex was down by 931 points. Among sectors, banking and financial services stocks registered profit booking at higher levels, whereas despite weak market sentiment, the Defence and Capital Market indices outperformed, rallied over 1.50 per cent.

Technically, after a muted open, the market consistently faced selling pressure at higher levels. Additionally, on daily charts, it has formed a small bearish candle, which supports further weakness from the current levels. However, the short-term texture of the market is still positive.

“For day traders, 76,500-76,200 would act as key support zones,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.

If the market succeeds in trading above these levels, it could retest the levels of 77,500-78,000. On the flip side, below 76,200, the uptrend would become vul-nerable. Below this, it could slip to 75,500-75,300.

STOCK PICKS

BSE LIMITED

BUY - 3205 | STOP LOSS - 3125 |

TARGET - 3281 - 3351 - 3421

It is behaving bullish consistently, on all time frames, giving regular buy entries at new dips Price is way above all the moving averages, with RSI above 66 & MACD in the positive territory & bullish cross over.

ABB India Limited

BUY - 6651 | STOP LOSS - 6475 | TARGET - 6841

Stock is comfortably trading above 52 week high based on strong company fun-damentals. On Daily chart price has given a fresh positive MACD crossover, with RSI above 65. All SMA have aligned in desired bullish pattern where SMA 20 > 50 > 100 > 200, exhibiting strong bullish sentiments.

(Source: Independent Market expert, Adib Noorani)