62,000-62,250 level immediate hurdle for Sensex
On Tuesday, the BSE Sensex hit a fresh all-time high of 62,245 points, but witnessed profit booking at higher levels. After a roller coaster intraday moment, finally the index closed near day lowest level.
Profit booking, global cues subdue equities; realty stocks fall
Stock Picks
- INOXLEISUR: Above Rs440 with a target of Rs450 and Stop loss of Rs410. The stock is in up trend. Stock formed flag pattern and breakout is expected.
- HINDALCO: Above Rs560 with a target of Rs600 and Stop loss of Rs520. The stock is in up trend.
- COFORGE: Above Rs6,020 with a target of Rs6,200 and Stop loss of Rs5,900. The stock is in upward trending channel and is on the verge of a breakout.
- TVSMOTOR: Above Rs600 with a target of Rs640 and Stop loss of Rs570. It has a support of 8 EMA.
- SBILIFE: Above Rs1,230 with a target of Rs1,300 and Stop loss of Rs1,170. It has reversed from the support of 40 EMA.
(Source-CapitalVia)
Mumbai: On Tuesday, the BSE Sensex hit a fresh all-time high of 62,245 points, but witnessed profit booking at higher levels. After a roller coaster intraday moment, finally the index closed near day lowest level.
Among sectors, strong buying interest was seen in IT stocks, including midcap IT stocks. Whereas, Reality, PSU Banks and FMCG stocks registered technical sell off. Technically, on daily charts, the index has formed Bearish Candle formation which is broadly negative. In addition, on intraday charts, the index has formed lower top formation that also support intraday weakness.
"For the day traders, 62,000-62,250 would be the immediate hurdle, below the same correction wave is likely to continue up to 61,500-61,200 on the flip side, and above 62,250 breakout continuation formation will continue up to 62,500-62,700," says Shrikant Chauhan, head of equity research (Retail), Kotak Securities. Contra traders can take long bet near 61,200 support level with strict 61,000 stop loss, he added.
