59,400pts, a strong resistance level
- DELTACORP: Above Rs264 with a target of Rs266 and Stop loss of Rs262. The stock is in upward trending channel and has given the breakout.
- BASF: Above Rs3,430 with a target of Rs3,464 and Stop loss of Rs3,396. It has support of 8 and 40 EMA.
- CANFINHOME: Above Rs699 with a target of Rs705 and Stop loss of Rs693. The stock is in upward trending channel and is on the verge of a breakout.
- FLUOROCHEM: Above Rs1,915 with a target of Rs1,934 and Stop loss of Rs1,896. It has a support of 8 EMA.
- IBREALEST: Above Rs151 with a target of Rs153 and Stop loss of Rs149. It has reversed from the support of 8 EMA.
Mumbai: The market witnessed selling pressure on account of monthly F&O expiry. Thursday's intraday activity has been lacklustre with a momentum of near 500 points. The global cues were tepid too.
Among sectors, most of the leading indices witnessed profit booking, while buying interest continued in Reality and selective PSU Banks stocks.
Technically, post sharp fall, the index is hovering within the range of 59,000-59,650 price ranges and on intraday charts it has formed lower top formation which is largely negative. However, the medium-term structure is still positive.
"The intraday trading setup suggest, 59,400 could act as a strong resistance level, below the same the correction formation will continue up to 58,700-58,500,"says Shrikant Chauhan, head of equity research (Retail), Kotak Securities.
On the flip side beyond 59,400, the immediate hurdle would be 59,600. Further upside may also continue which could lift the index up to 59,900, he added.