Further uptrend possible from current levels

Mumbai, Oct 06

Today, the benchmark indices continued their positive momentum. The Sensex was up by 583 points.

Among sectors, the IT index gained the most, rallying over 2 per cent, whereas profit booking was seen in the Metal index, which shed nearly 1 per cent.

Technically, after a muted open, the market held the positive momentum throughout the day. A bullish candle on daily charts and an uptrend continuation formation on intraday charts indicate a further uptrend from the current levels.

“We believe that the current market texture is bullish, but buying on intraday dips and selling on rallies would be the ideal strategy for day traders,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.

On the downside, 81,500-81,300 would act as crucial support zones, while 82,000 and 82,200 could be immediate resistance levels for the bulls.

However, below 81,300, the uptrend would become vulnerable.

Stock Picks

Ixigo – Buy | CMP: ₹311 | SL: ₹295 | Target: ₹335 / ₹350

Ixigo is showing strong momentum after consolidating near its short-term support. The stock has witnessed rising volumes and steady higher lows, indicating sustained accumulation. RSI is trending upward, suggesting further strength ahead. Sustaining above ₹311 could drive the stock toward ₹335 and ₹350. Traders can buy at current levels with a stop-loss at ₹295.

Rolex Rings – Buy | CMP: ₹1,385 | SL: ₹1,340 | Target: ₹1,460 / ₹1,500

Rolex Rings has broken above its consolidation zone with improving volumes and bullish price action. The stock is holding well above key moving averages, reflecting strong underlying demand. RSI indicates continued momentum, and sustaining above ₹1,385 can push prices toward ₹1,460 and ₹1,500. A stop-loss at ₹1,340 is advised to manage risk effectively.

(Source_Riyank Arora Technical Analyst at Mehta Equities)

EoM.