Focus on FMCG & infra stocks
FMCG and technology stocks today saved the market otherwise the Sensex would have reached 50,000 again due to weakness in bank stocks and metal companies.
Sensex trading in narrow range
Stock Picks
- ADANITRANS - Above 793 with a target of 820 and Stop loss of 761. It is an upward trending channel and on the verge of a breakout.
- SRTRANSFIN - Above 1342 with a target of 1375 and Stop loss of 1315. It has a support of 8 and 40 DMA.
- BALKRISIND - Above 1650 with a target of 1680 and Stop loss of 1620. It is an upward trending channel and has support of 40EMA.
- MOTHERSUMI - Above 223 with a target of 231 and Stop loss of 215. It has a support of 8 and 40 DMA.
- COLPAL - Above 1620 with a target of 1650 and Stop loss of 1595. It has reversed from the support of 40 EMA.
(Source-CapitalVia)
Mumbai: FMCG and technology stocks today saved the market otherwise the Sensex would have reached 50,000 again due to weakness in bank stocks and metal companies.
The global market was stable and long-term bond yields were also trading in the short-range.
"We believe that the markets would remain on the sidelines until the FOMC meeting is completed (Results will come Thursday morning in the US) Keep an eye on the 49,800 and 51,000 range," says Shrikant Chouhan, EVP, equity technical research at Kotak Securities.
Long positions should be bought between the levels of 49,800/50,000 with a stop loss of 49,600 in the near future. We are likely to see trending activity after the FOMC meeting. The focus should be on FMCG and Infrastructure related stocks, he added.
