Bullish sentiment is likely to continue

Today, the benchmark indices witnessed range-bound activity at higher levels. The Sensex was up by 124 points.

Among sectors, the Oil and Gas index outperformed, rallying over 1 per cent, whereas the Capital Market index lost the most, shedding 1.60 per cent. Technically, after a muted open, the entire day saw lacklustre activity. On daily charts, it has formed a small candle, and on intraday charts, it is witnessing consolidation.

For day traders, the 50-day SMA (Simple Moving Average) or 81,200 would act as a crucial support zone. As long as the market is trading above this level, the bullish sentiment is likely to continue.

“On the higher side, 81,700 would be the immediate breakout zone,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.

A successful breakout above 81,700 could push the market up to 82,000-82,200.

On the flip side, a move below 81,200 would render the uptrend vulnerable.

Stock Picks

Ixigo – Buy | CMP: ₹321 | SL: ₹310 | Target: ₹340 / ₹355

Ixigo is holding firm after a strong uptrend, consolidating near ₹321. The stock remains above key moving averages, indicating sustained strength. RSI is also trending upward, suggesting continued momentum. If it sustains above ₹321, the stock may head toward ₹340 and ₹355. Traders can consider fresh longs with a strict stop-loss at ₹310 to manage downside risk.

Apollo Micro – Buy | CMP: ₹297 | SL: ₹285 | Target: ₹315 / ₹325

Apollo Micro has shown a breakout from its consolidation zone with improving volumes. The stock is trading above short-term averages, signaling fresh buying interest. Momentum indicators like RSI are pointing upward, reflecting strength. Sustaining above ₹297 can push the stock toward ₹315 and ₹325. Traders may initiate long positions at current levels with a stop-loss at ₹285 to safeguard against volatility.

(Source_Riyank Arora Technical Analyst at Mehta Equities)

EoM.