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50.7k and 50.4k levels decisive for mkt

Today, again we witnessed sharp decline in our market mainly due to the sudden jump in the long-term bond yields of the US.

Sensex trading in narrow range
X

Sensex trading in narrow range

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Stock Picks

- CROMPTON - Above 398 with a target of 410 and Stop loss of 386. It has a support of 8 and 40 DMA.

- ESCORTS - Above 1,350 with a target of 1,380 and Stop loss of 1,320. It has a support of 8 and 40 DMA.

- SRF - Above 5760 with a target of 5,840 and Stop loss of 5,710. It is an upward trending channel and on the verge of a breakout.

- CHALET HOTELS - Above 182 with a target of 189 and Stop loss of 178. It has a support of 8 and 40 DMA.

- GODREJ PROPERTIES - Above 1,530 with a target of 1,555 and Stop loss of 1,510. It has reversed from the support of 8 EMA.

(Source-CapitalVia)

Mumbai: Today, again we witnessed sharp decline in our market mainly due to the sudden jump in the long-term bond yields of the US.

We think, soon it will be normal for the market and then the market can react normally. The steady growth in the economy leads to a steady rise in the bond yields and therefore the market should start offering discounts in the medium to long term. Technically, the market recovered from lower levels but due to the pressure of the weekly expiration of Index contracts the Sensex came back from the highs of 51,260.

"On Friday, 50,750 and 50,400 levels will be decisive for the market," says Shrikant Chouhan, EVP, equity Technical Research at Kotak Securities.

The Sensex could fall to 50,100 or 49,800 on a decisive dismissal of 50,400. On the upside, the 51,300 level would be a big hurdle for the index.

Kumud Das
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