52,800-52,400 trading range likely
The market once again strongly resisted going below 51,700 points. With 51,700 level holding support for second day in a row, the market saw a strong short covering trend on Monday.
Market likely to stay range-bound
Mumbai:The market once again strongly resisted going below 51,700 points. With 51,700 level holding support for second day in a row, the market saw a strong short covering trend on Monday.
After Friday's indication, the market has formed a bullish continuation formation on Monday and according to that 52,800 will be a big hurdle. However, if indices manage to close above 52,800, it could reach 53,400/53,500 points.
"On Tuesday, 52,800 and 52,400 could be the trading range of the market. The Bank Nifty moved from 33,900 to close at 34,900, which is remarkable and looks appropriate considering the yield of the bond," says Shrikant Chouhan, EVP (equity technical research), Kotak Securities.
Stock Picks
- TITAN_Above Rs1,750 with a target of Rs1,790 and Stop loss of Rs1,710. It is trading in a Strong uptrend and is on the verge of a breakout.
- IRCTC_Above Rs2,100 with a target of Rs2,150 and Stop loss of Rs2,050. It has support of 8 and 40 EMA.
- PIDILITE_Above Rs2,160 with a target of Rs2,190 and Stop loss of Rs2,130. The stock is in upward trending channel and is on the verge of a breakout.
- KEC_Above Rs445 with a target of Rs470 and Stop loss of Rs425. It has a support of 8 EMA.
- HDFCBANK_Above Rs1,486 with a target of Rs1,460 and Stop loss of Rs1,515. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
