Further uptrend possible from current levels
In the last week, the benchmark indices continued their positive momentum. The Sensex was up by 1193 points.
Mumbai: In the last week, the benchmark indices continued their positive momentum. The Sensex was up by 1193 points.
Among sectors, Defence index outperformed, rallied over 7 percent while consumer index shed over 1 percent. During the week, the market successfully crossed the 50-day SMA (Simple Moving Average) mark, and after the breakout, it intensified its positive momentum.
Technically, on weekly charts, it has formed a bullish candle, and on daily and intraday charts, it is holding a higher bottom formation, which supports a further uptrend from the current levels.
“As long as the market trades above this level, the bullish setup remains intact,” says Amol Athawale of Kotak Securities.
On the higher side 82,200-82,400 would act as immediate resistance zones for the bulls.
A successful breakout above 82,400 could push the market up toward 83,300-83,500.
On the flip side, below 81,800, the uptrend could become vulnerable. Traders may consider exiting their long positions if the market falls below this level.
Stock Picks
Mazagon Dock – Buy | CMP: ₹2,928 | SL: ₹2,850 | Target: ₹3,050 / ₹3,150
Mazagon Dock is consolidating near higher levels after a steady uptrend, indicating strength in the trend. The stock is trading well above its key moving averages, showing continued buying support. RSI is holding in the bullish zone, hinting at further momentum. Sustaining above ₹2,928 can lead to upside moves toward ₹3,050 and ₹3,150. A stop-loss at ₹2,850 is advised to manage downside risk.
Apollo Micro – Buy | CMP: ₹322 | SL: ₹310 | Target: ₹340 / ₹355
Apollo Micro is gaining traction after breaking out of its consolidation range. Improved volumes and positive RSI momentum highlight strong buying interest. The stock is comfortably trading above its short-term averages, confirming the positive bias. A sustained move above ₹322 may take the stock toward ₹340 and ₹355. Traders can enter fresh long positions with a stop-loss at ₹310 to protect from volatility.
(Source_Riyank Arora Technical Analyst at Mehta Equities)
