Markets open on negative note
Mumbai: The BSE Sensex touched the previous high of 53,057 points on Tuesday and attracted profit booking. Sensex made a gradual correction from 53,057 to 52,590 points. If we look at the market on a closing basis, it can be called steady closing and the main reason behind this is the testimony of the Fed in the US. Monthly/quarterly expiration is also a big trigger. The 52,300 and 52,800 points are important trading zones for the market.
"Keep a stop loss of 51,700 points and buy between 52,450 points and 52,300 points and be ready for 53,750 above 53,050 points," says Shrikant Chouhan, EVP (equity technical research), Kotak Securities. As per CapitalVia study, trading above 52,600 is a positive sign from a short-term perspective. Sustaining above 52,600 level, it expects the market to gain momentum, leading to an upside projection till 53,500-53,600 level.
Stock Picks
- ACC_Above Rs2,075 with a target of Rs2,115 and Stop loss of Rs2,040. It is trading in a Strong uptrend and is on the verge of a breakout.
- UPL_Above Rs805 with a target of Rs835 and Stop loss of Rs775. It has support of 8 and 40 EMA.
- PEL_Above Rs2,460 with a target of Rs2,495 and Stop loss of Rs2,430. The stock is in upward trending channel and is on the verge of a breakout.
- UBL_Above Rs1,472 with a target of Rs1,495 and Stop loss of Rs1,455. It has a support of 8 EMA.
- BATAINDIA_Above Rs1,700 with a target of Rs1,750 and Stop loss of Rs1,660. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
