59,300 is support level for traders
The benchmark indices slid for three days in a row. After a volatile trading session, the BSE Sensex was down by 634 points. Among sectors, almost all major sectoral indices witnessed selling pressure at higher level.
Snapping 5-day losing streak, indices up in opening session
Stock Picks
- Brigade: Above Rs517 looking very strong as it is giving huge breakout on horizontal line, TGT – Rs540 & SL Rs500
- Gpil: Above Rs280 looking very attractive as it has given closing above its important 89 Weighted moving average after a long consolidation, TGT – Rs 305 & SL – Rs 275
- Vinati : Above Rs2,100 showing super bullish momentum as it has formed big white candle on daily charts which has crossed its near term consolidation , TGT - Rs2,160 & SL – Rs2,100
- Power grid: Super Bullish moves which are likely to continue for coming days, Horizontal line breakout , Trading above all important EMA's , TGT – Rs225 & SL – Rs210
- Kolte patil: Above Rs350, forming super big white candle, covering a huge consolidation, and horizontal line Breakout , TGT – Rs375 & SL Rs340 , Buy on Decline Strategy.
(Source_Equity 99)
Mumbai: The benchmark indices slid for three days in a row. After a volatile trading session, the BSE Sensex was down by 634 points. Among sectors, almost all major sectoral indices witnessed selling pressure at higher level. The Nifty IT index lost the most, shed nearly 1.65 per cent. Technically, after muted opening the Nifty broke the important support of 60,000 and post intraday negative breakdown it intensified selling pressure throughout the day.
"The intraday formation is still in to the weak side but due to temporary oversold situation, strong possibility of sharp pullback rally is not ruled out. For the traders now, 20-day SMA or 59,300 would be the sacrosanct support level," says Shrikant Chauhan, head of equity research (Retail), Kotak Securities.
"Trading above the same, the pullback rally could continue till 59,750-60,000. On the flip side, below 59,300 the index could retest the level of 59,150-59,000, he said. On the flip side, below 59,300 the index could retest the level of 59,150-59,000," he added.
