Further upward movement possible from current levels
Analysts suggest further upward movement from current market levels, indicating positive momentum and potential gains for investors in the near term.
Further upward movement possible from current levels
Mumbai, Nov 12
Today, the benchmark indices continued their positive momentum. The Sensex was up by 595 points.
Among sectors, IT outperformed, rallying nearly 2 per cent, whereas despite strong momentum, intraday profit booking was seen in selective Reality and Défense stocks. Technically, after a gap-up open, the market maintained positive momentum throughout the day.
On intraday charts, the market is showing a continuation of the uptrend, which supports further upward movement from the current levels.
“For trend-following traders, 84,300 and 20-day SMA (Simple Moving Average) or 84,000 would act as a key support zone,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.
As long as the market is trading above this level, the bullish sentiment is likely to continue. On the higher side, the market could move up to 84,800. Further upside may also push the index up to 85,000.
On the flip side, if the market falls below the 20-day SMA or below 84,000, the sentiment could change. Below this level, traders may consider exiting their long positions.
Stock Picks
Infosys – Buy | CMP: ₹1,551 | SL: ₹1,520 | Target: ₹1,600 / ₹1,630
Infosys is showing steady upward momentum after consolidating near the ₹1,520 support zone. The stock has reclaimed its short-term moving averages, with RSI turning positive, indicating renewed buying strength. Sustaining above ₹1,550 could extend the rally toward ₹1,600 and ₹1,630. Traders may consider buying on dips while keeping a stop-loss at ₹1,520 for risk management.
HCL Tech – Buy | CMP: ₹1,594 | SL: ₹1,560 | Target: ₹1,650 / ₹1,680
HCL Tech continues to maintain a strong bullish setup, supported by healthy price structure and volume activity. The stock has formed a higher-low pattern, signaling trend continuation. Momentum indicators remain in favor of buyers, suggesting potential upside toward ₹1,650 and ₹1,680. Traders should hold long positions or accumulate on dips with a stop-loss at ₹1,560.
(Source_Riyank Arora Technical Analyst at Mehta Equities)
EoM.
