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Focus on banking, metal, pharma stocks

The last week has been volatile for traders. After a 1,274 points volatility the benchmark index Sensex shed nearly 2 per cent. This week the market witnessed non directional activity. Among sectors, PSU Banks, Reality and FMCG indices shed over 3 per cent whereas strong buying was seen in selective Media, Metal and Pharma stocks.

Market retreats for 2nd day on negative global cues
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Market retreats for 2nd day on negative global cues

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Stock Picks

- RAININD - Above 180 with a target of 188 and Stop loss of 172. It is trading in a Strong uptrend and has recently breached an important resistance level

- BALKRISIND - Above 1700 with a target of 1750 and Stop loss of 1640. It has a support of 8 and 40 EMA.

- TATA ELXSI - Above 3240 with a target of 3290 and Stop loss of 3120. The stock is in upward trending channel and given a phase breakout.

- JYOTHYLABS - Above 152 with a target of 160 and Stop loss of 145. It has a support of 8 and 40 EMA.

- DIVISLAB - Above 3800 with a target of 3880 and Stop loss of 3740. It has reversed from the support of 8 EMA.

(Source-CapitalVia)

Mumbai: The last week has been volatile for traders. After a 1,274 points volatility the benchmark index Sensex shed nearly 2 per cent. This week the market witnessed non directional activity. Among sectors, PSU Banks, Reality and FMCG indices shed over 3 per cent whereas strong buying was seen in selective Media, Metal and Pharma stocks.

Meanwhile, Bank Nifty recovered sharply from 30,405.65 level, which is positive for the banking stocks. A sharp pullback rally is not ruled out if the Bank-Nifty succeeds to trade above 30,800.

Technically, on daily and weekly charts the index has formed lower top formation, and the non-directional intraday activity clearly indicates indecisiveness between bulls and bears which will continue in the short run. The short-term texture of the Sensex is still bearish and likely to continue in the near future. We are of the view that, 47,450 would be the immediate support level for the bulls below the same we can expect one more leg of correction up to 47,1150. Further downside may also be possible which could drag the index till 46,500-46,000. On the flip side, 48,300 would be the immediate hurdle for the Sensex, above the same uptrend structure will continue up to 49,100.

"Ahead of monthly F&O expiry, the sectors which would be in focus are banking, metal and pharma.," says Shrikant Chouhan, EVP (equity technical research), Kotak Securities.

Kumud Das
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