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Caution for short-term traders

60,850pts to be a key level to watch

Sensex forms long bullish candle
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Sensex forms long bullish candle

Stock Picks

- UPL: Above Rs820, with an Rs890 target and a Rs788 stop-loss. It has a parallel channel splitter.

- BAJAJFINSV: Above Rs18,200 with a Rs19,000 target and a Rs17,500 stop-loss. There is a 5 EMA and 13 EMA crossover.

- MOTHERSUM: Over Rs258 with a target of Rs290 and a stop loss of Rs248, with a target of 290 and a stop-loss of 248. There is a 13 EMA and a 26 EMA crossover.

(Source-CapitalVia)

Mumbai: The benchmark indices extended gains on Wednesday. BSE Sensex rose by 533 points. Among Sectors, buying interest continued in Energy and Reality stocks whereas selective Pharma stocks witnessed selling pressure at higher levels. Technically, one more time the index opened with a gap-up and held the positive momentum. On daily and intraday charts, the Sensex maintained breakout continuation formation but due to temporary overbought situation profit booking at higher levels is not ruled out.

Short-term traders should remain cautious and be very selective as there is a risk to get trapped out at higher levels. "For the traders, now 60,850 would be the key level to watch out for above the same the uptrend texture will continue up to 61,300-61,500," says Shrikant Chouhan, head (equity research-retail), Kotak Securities.

On the other hand, below 60,850 the market may trigger short-term correction up to 60,700-60,500, he said.

Kumud Das
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