Bullish cues will end if Sensex slips below 50.7k
- LALPATHLAB - Above 2375 with a target of 2435 and Stop loss of 2320. It is an upward trending channel and on the verge of a breakout.
- HDFCBANK - Above 1571 with a target of 1605 and Stop loss of 1539. It has a support of 8 and 40 DMA.
- ESCORTS - Above 1370 with a target of 1400 and Stop loss of 1344. It is an upward trending channel and on the verge of a breakout.
- HCLTECH - Above 977 with a target of 995 and Stop loss of 955. It has a support of 8 and 40 DMA.
- TCS - Above 3080 with a target of 3120 and Stop loss of 3040. It has reversed from the support of 8 EMA.
Mumbai: The market continued to remain rangebound, trading between 51,200 and 50,200 levels. To a greater extent, broad-based buying in the technology sector has helped the market to close higher compared to the financial sector. From the financial sector, private banks topped the day, while the PSU banks closed in the negative territory.
"The Sensex has formed bullish reversal formation by closing at the highest point of the day. On the day of the weekly expiration of Index options, we could see a bullish continuation if these indices manage to hold above 51,200 levels. Above 51,200, the market would face the biggest hurdle at 51,750. If the index falls below the level of 50,750, the bullish pattern would fail," says Shrikant Chouhan, EVP, equity technical research at Kotak Securities.