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Bond yields, dollar to decide mkt trend

Today, the market closed at the level of 51,250 and reached a high, however, traders were not keen to carry positions due to the bank holiday on Thursday.

Sensex trading in narrow range
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Sensex trading in narrow range

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Stock Picks

- FORTIS - Above 186 with a target of 190 and Stop loss of 182. It is an upward trending channel and on the verge of a breakout.

- TIIND - Above 1225 with a target of 1250 and Stop loss of 1199. It has a support of 8 and 40 DMA.

- EDELWEISS - Above 87 with a target of 90 and Stop loss of 84. It is an upward trending channel and on the verge of a breakout.

- JSWSTEE - Aabove 416 with a target of 425 and Stop loss of 410. It has a support of 8 and 40 DMA.

- L&T - Above 1535 with a target of 1555 and Stop loss of 1520. It has reversed from the support of 8 EMA.

Mumbai: Today, the market closed at the level of 51,250 and reached a high, however, traders were not keen to carry positions due to the bank holiday on Thursday. It can also happen on Fridays, as it can be a weekend getaway. Next Monday we can see a strong trend.

Technically, the market closed above the level of 51,250, which could maintain the market's bullish continuation, 52,000 levels in the near term. However, if the Sensex fails to break the 51,750 level, it may send the market to consolidation between 50,750 and 51,750.

"If the index goes below 50,750, the bullish trend will break. Bond yields and the dollar index would once again determine the market trend in the coming days," says Shrikant Chouhan, EVP, equity technical research at Kotak Securities.

Kumud Das
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