Focus should be on Bank stocks
- ABBOTINDIA - Above 15000 with a target of 15150 and Stop loss of 14850. It is trading in a sideways channel and is on the verge of a breakout.
- TATASTEEL - Above 731 with a target of 755 and Stop loss of 708. It has a support of 8 and 40 DMA.
- GODREJIND - Above 535 with a target of 558 and Stop loss of 515. It is an upward trending channel and on the verge of a breakout.
- ALKEM - Above 2665 with a target of 2715 and Stop loss of 2640. It has a support of 8EMA.
- CASTRO - Above 123.50 with a target of 127 and Stop loss of 120. It has reversed from the support of 8 EMA.
Mumbai: With the financial year ending, today's expiry of March Month's was expected to be volatile.
Today Sensex has completed a level. If the Sensex closes below the 48,200 levels, the market may fall to the big support of 47,500. Overall, the Sensex is poised to move closer to 50,200 and 50,600. A buying position should be created in the market with a stop loss at 48,200.
"Even today all the sectors are closed in negative territory and the bread of the market was also bad. There was a good recovery in bank stocks. The metal stocks are shined once again. The focus should be on Bank stocks as they have fallen to their crucial supports," says Shrikant Chouhan, EVP, equity technical research at Kotak Securities.