Go for buy-at-dips strategy
- ULTRACEMCO - Above 6680 with a target of 6770 and Stop loss of 6600. It is an upward trending channel and on the verge of a breakout.
- M&M - Above 860 with a target of 880 and Stop loss of 845. It has a support of 8 EMA and 40 EMA.
- BHARTI AIRTEL - Above 535 with a target of 555 and Stop loss of 515. It has a support of 8 and 40 DMA.
- BAJAJ FINANCE - Above 5470 with a target of 5550 and Stop loss of 5400. It has a support of 8 and 40 DMA.
- GRASIM - Above 1415 with a target of 1435 and Stop loss of 1397. It is an upward trending channel and on the verge of a breakout.
Mumbai: The Downward activity in the long-term bond yields and weakness in Brent crude have boosted the sentiment of our market.
The bullish momentum continued directly from 48,580 to 50,000. Heavyweight shares in the index rose sharply. On a weekly basis and daily basis, the market has formed reversal formation after completing the corrective move at 48,580 levels.
Even if the correction is completed, the current rally will be called a pullback until the Sensex crosses the 51,850 levels. The Sensex could go up to 50,200 and 50,500 levels.
If inflation gets under control, FMCG stocks may also rise. 49,600 and 49,200 would remain important supports. "Keep a buy-dips strategy for the coming week. Sensex has formed a 'bullish piercing pattern', which means it has absorbed heavy selling pressure and it ready to move higher," says Shrikant Chouhan, EVP, equity technical research at Kotak Securities.