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Focus on pharma, tech stocks

The market remained in a tight trading range. It failed to surpass the heaviest level of 52,450 points, but also survived above the level of 52,050, which was the previous day’s lowest level.

Sensex, Nifty hit record highs
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Sensex, Nifty hit record highs

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Mumbai: The market remained in a tight trading range. It failed to surpass the heaviest level of 52,450 points, but also survived above the level of 52,050, which was the previous day's lowest level. Such a type of formation brings major volatility to the market. Today, the defensives like technology, pharma and FMCG offered significant support, however, finance-related stocks closed in the negative territory. On Wednesday, below the level of 52,050, Sensex would drop to 51,900 or 51,750 levels.

"On the higher side, Sensex would rally if it manages to surpass 52,450 levels. Resistance would be 52,450, 52,700 and 52,900 levels. The focus should be on Pharmaceuticals and Technology companies," says Shrikant Chouhan, EVP (equity technical research), Kotak Securities. Sharing his views, noted market analyst and MD of KR Choksey firm, Deven Choksey said that lots of momentums are there in the market. He has advised the retail investors to go for quality stocks only and exit from bad stocks whenever they get an opportunity for the same, no matter if it was having a little less appreciation.

Stock Picks

- VINATIORGA - Above Rs1,860 with a target of Rs1,930 and Stop loss of Rs1,800. It is trading in a Strong uptrend and is on the verge of a fresh breakout.

- AARTIIND - Above Rs1,800 with a target of Rs1,860 and Stop loss of Rs1,740.Is has support of 8 and 40 EMA.

- RALLIS - Above Rs337 with a target of Rs349 and Stop loss of Rs325. The stock is in upward trending channel and is on the verge of a breakout.

- BALRAMCHIN - Above Rs357 with a target of Rs368 and Stop loss of Rs348. It has a support of 8 and 40 EMA.

- APOLLOTYRE - Above Rs242 with a target of Rs255 and Stop loss of Rs232. It has reversed from the support of 8 EMA.

(Source-CapitalVia)

Kumud Das
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