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Correction wave may continue

The benchmark indices maintained weak momentum throughout the day, the BSE Sensex was down by 370 points. Among Sectors, profit booking was seen in reality, media stocks, while despite tepid market conditions buying interest was seen in selective auto stocks.

Sensex forms long bullish candle
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Sensex forms long bullish candle

Stock Picks

- ADANIGREEN: Above Rs1,440 with a target of Rs1,454 and Stop loss of Rs1,426. The stock is in upward trending channel and has given the breakout.

- CARBORUNIV: Above Rs932 with a target of Rs941 and Stop loss of Rs923. It has support of 8 and 40 EMA.

- ESCORTS: Above Rs1,844 with a target of Rs1,862 and Stop loss of Rs1,826. The stock is in upward trending channel and is on the verge of a breakout.

- CENTURYPLY: Above Rs615 with a target of Rs621 and Stop loss of Rs609. It has a support of 8 EMA.

- SUPRAJIT: Above Rs436 with a target of Rs440 and Stop loss of Rs432. It has reversed from the support of 8 EMA.

(Source-CapitalVia)

Mumbai: The benchmark indices maintained weak momentum throughout the day, the BSE Sensex was down by 370 points. Among Sectors, profit booking was seen in reality, media stocks, while despite tepid market conditions buying interest was seen in selective auto stocks.

"Technically, we continue to remain cautious and the intraday texture is still on the downside. This outlook will remain intact as long as Sensex does not surpass 58,250 which is the short-term resistance zone. Below the same correction, the correction wave is likely to continue up to 57,500-57,300," says Shrikant Chauhan, head of equity research (retail), Kotak Securities.

On the flip side, above 58,250 resistance breakout, a continuation of pullback rally will continue till 58,500-58,650, he added.

Kumud Das
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