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60,400 level will be the trend decider

The bulls continue the positive momentum for the third day in a row, the BSE Sensex gained by 221 points. On the sectoral front, strong buying interest was seen in Energy, IT, and Reality stocks whereas witnessed technical selloff in Metal stocks.

Sensex forms long bullish candle
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Sensex forms long bullish candle

Stock Picks

- CUMMINSIND: Above Rs981 with a target of Rs998 and Stop loss of Rs967. It has reversed from the support of 8 EMA

- TRENT: Above Rs1,105.60 with a target of Rs1,129 and Stop loss of Rs1,092. The stock is in upward trending channel and is on the verge of a breakout

- ADANIPORT: Above Rs778 with a target of Rs792 and Stop loss of Rs767. Rounding bottom formation

- JBCHEMPHARM: Above Rs1,756 with a target of Rs1,790 and Stop loss of Rs1,735. It has a support of 8 EMA

- BALKRISIND: Above Rs2,412 with a target of Rs2,462 and Stop loss of Rs2,389. The stock is in upward trending channel and making daily new highs

(Source-CapitalVia)

Mumbai: The bulls continue the positive momentum for the third day in a row, the BSE Sensex gained by 221 points. On the sectoral front, strong buying interest was seen in Energy, IT, and Reality stocks whereas witnessed technical selloff in Metal stocks. Technically, on intraday charts the nifty is consistently forming higher bottom and higher top formation which suggest further uptrend.

"For the trend following traders, now 60,400 would be the trend decider level. Trading above the same, the uptrend is likely to continue till 60,900-61,100," says Shrikant Chouhan, head (equity research-retail), Kotak Securities. On the flip side, blow 60,400 the chances of retesting 60,100-59,900 would turn bright, he added.

Kumud Das
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