52,400- 52,700 main resistance range
On the first day of the week, the market opened higher on the back of positive sentiment in the global market, however, another round of profit booking brought the BSE Sensex back to the level of 52,200 points.
Trading below 58.2K may trigger intraday correction
Mumbai: On the first day of the week, the market opened higher on the back of positive sentiment in the global market, however, another round of profit booking brought the BSE Sensex back to the level of 52,200 points. Based on the daily chart, Sensex is entering an interesting phase. For almost 27 days, the market has been consolidating within the trading range of 300 points, which is remarkable and indicates a make or break in the near term.
Today, cyclical stocks performed well, while defensive and energy stocks ended weak. The positive thing is that the market survived above 52,100 levels. The Sensex would go to the level of 51,600 after dismissal. "The 52,400 and 52,700 levels, on the other hand, would be the main levels of resistance," says Shrikant Chouhan, EVP (equity technical research), Kotak Securities.
Stock Picks
- ULTRACEMCO: Above Rs7,120 with a target of Rs7,195 and Stop loss of Rs7,050. It is trading in strong uptrend and has given a breakout.
- CIPLA: Above Rs970 with a target of Rs988 and Stop loss of Rs955. It has support of 8 and 40 EMA.
- DEEPAKNTR: Above Rs2,000 with a target of Rs2,080 and Stop loss of Rs1,940. The stock is in upward trending channel and is on the verge of a breakout.
- IRCTC: Above Rs2,270 with a target of Rs2,320 and Stop loss of Rs2,220. It has a support of 8 EMA.
- MOTHERSUMI: Above Rs240 with a target of Rs246 and Stop loss of Rs235. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
