Buy for target of 53,000/53,100 levels
The market has formed an ‘inside body’ candlestick formation on the daily chart that acts as a bullish continuation formation, especially if the market breadth is exceptionally strong.
Market likely to stay range-bound
Mumbai: The market has formed an 'inside body' candlestick formation on the daily chart that acts as a bullish continuation formation, especially if the market breadth is exceptionally strong. Compared to each of the negative closing of the stock in the market today, the closing of three stocks were positive and all sectors closed in positive territory. This is a completely opposite image of the previous day. On Thursdayday, the BSE Sensex closed at 52,300 points, which is above the previous day's average level. Also, there was support from financial institutions with the potential to take the market to the level of 53,000 points.
"The Bank Nifty and Finance Nifty, led by SBI, ICICI Bank and Bajaj Twins, closed at the highest point of the day. The strategy should be to buy Sensex for the target of 53,000/53,100. Keep a final stop loss at 51,750," says Shrikant Chouhan, EVP (equity technical research), Kotak Securities
Stock Picks
- AARTIIND_Above Rs1,850 with a target of Rs 1,905 and Stop loss of Rs 1,800. It is trading in a Strong uptrend and is on the verge of a fresh breakout
- LICHGSFIN_Above Rs 530 with a target of Rs 555 and Stop loss of Rs 508. It has support of 8 and 40 EMA
- BALRAMCHIN_Above Rs 357 with a target of Rs 365 and Stop loss of Rs 350. The stock is in upward trending channel and is on the verge of a breakout
- CHOLAFIN_Above Rs 570 with a target of Rs 595 and Stop loss of Rs 548. It has a support of 8 and 40 EMA
- JUBLOOD_Above Rs 3,245 with a target of Rs 3,290 and Stop loss of Rs 3,200. It has reversed from the support of 8 EMA
(Source-CapitalVia)
