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58,000 may act as breakout level

The benchmark indices continued narrow range activity on Thursday. After a muted opening entire day the BSE Sensex travelled in 57,579-58,010 range. It made couple of attempts to hold on the higher terrain, which is 57,950 points, but due to lack of follow through buying interest it failed.

Sensex forms long bullish candle
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Sensex forms long bullish candle

Stock Picks

- BSOFT: Above Rs544 with a target of Rs549 and Stop loss of Rs539. The stock is in upward trending channel and has given the breakout

- BAJAJHLDNG: Above Rs5,150 with a target of Rs5,201 and Stop loss of Rs5,099. It has support of 8 and 40 EMA

- CGPOWER: Above Rs195 with a target of Rs197 and Stop loss of Rs193. The stock is in upward trending channel and is on the verge of a breakout

- DIXON: Above Rs5,554 with a target of Rs5,609 and Stop loss of Rs5,499. It has a support of 8 EMA

- AAVAS: Above Rs2,551 with a target of Rs2,576 and Stop loss of Rs2,526. It has reversed from the support of 8 EM

(Source-CapitalVia)

Mumbai: The benchmark indices continued narrow range activity on Thursday. After a muted opening entire day the BSE Sensex travelled in 57,579-58,010 range. It made couple of attempts to hold on the higher terrain, which is 57,950 points, but due to lack of follow through buying interest it failed.

Among sectors, buying interest was seen in IT and Pharma stocks whereas, Energy and Metal stocks registered technical sell off. Technically, currently, near 20-day SMA the stock is witnessing non directional activity perhaps, traders are waiting for the either side breakout.

"For the bulls, 58,000 would be the important breakout level to watch. And if, the BSE Sensex manages to trade above the same, we can expect quick uptrend rally towards 58,200-58,350," says Shrikant Chauhan, head of equity research (retail), Kotak Securities. On the flip side, trading below 57,700 may increase further weakness up to 57,500-57,350, he added.

Kumud Das
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