Another correction wave likely up to 59,800pts
Positive short-term texture may continue in short-term
Indian equities open negative; Sensex, Nifty indices down 1.5% each
Stock Picks
- ALKYLAMINE: Above Rs3,350 with a target of Rs3,383 and Stop loss of 3317. The stock is in upward trending channel and has given the breakout.
- APOLLOHOSP: Above Rs4,518 with a target of Rs4,563 and Stop loss of Rs4,473. It has support of 8 and 40 EMA.
- DELTACORP: Above Rs292 with a target of Rs295 and Stop loss of Rs289. The stock is in upward trending channel and is on the verge of a breakout.
- BANKINDIA: Above 65 with a target of 66 and Stop loss of 64. It has a support of 8 EMA.
- COFORGE: Above Rs5,395 with a target of Rs5,448 and Stop loss of Rs5,342. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
Mumbai: The benchmark indices witnessed a narrow-range activity, the BSE Sensex shed 82 points. After a strong pullback rally on Monday, the BSE Sensex one more time took the resistance near 20-day SMA or 60,650. However, the short-term texture is still in to the positive side and is likely to continue in the near future.
"Technically, 60,650 would be the sacrosanct breakout level for the bulls, above the same the index will move up to 60,850-61,000 on the other side, 60,150 would act as an important support level for the day traders, below the same it could, possibly open another correction wave up to 60,000-59,800," says Shrikant Chauhan, head of equity research (Retail), Kotak Securities.
