Go for level-based trading
Go for level-based trading to identify precise entry and exit points with better risk management and consistency. This strategy helps traders make disciplined, data-driven decisions in volatile markets.
Go for level-based trading
Mumbai, Oct 30
Today, the benchmark indices witnessed selling pressure at higher levels. The Nifty ended 176 points lower, while the Sensex was down by 593 points. Among sectors, there was buying seen in selective Oil gas and Capital Goods stocks, whereas Healthcare and Financial services stocks registered intraday profit booking at higher levels.
Technically, after a gap-down open, the entire day market witnessed selling pressure at higher levels. A bearish candle on daily charts and a double top formation on intraday charts indicate further weakness from the current levels. However, the short-term texture of the market still remains positive.
We are of the view that the market is witnessing range-bound activity; hence, level-based trading would be the ideal strategy for day traders.
"For day traders, as long as the market is trading below 84500, the weak sentiment is likely to continue on the downside, with the market potentially slipping to 84,200," says Shrikant Chauhan of Kotak Securities.
Further downside may also continue, which could drag the market to 84,000.
On the flip side, above 84500, the sentiment could change. If the market moves above this level, it could rise to 84,800-85,000.
Stock Picks
Bizz Buzz
GMDC – Buy | CMP: ₹595 | SL: ₹575 | Target: ₹620 / ₹640
GMDC is witnessing renewed buying interest after consolidating near support levels. The stock has broken above its short-term resistance zone with strong volume participation, indicating accumulation. RSI remains in bullish territory, hinting at sustained momentum. A close above ₹595 could extend gains toward ₹620 and ₹640. Traders may maintain a stop-loss at ₹575 to manage risk effectively.
Motilal Oswal – Buy | CMP: ₹1,025 | SL: ₹980 | Target: ₹1,080 / ₹1,120
Motilal Oswal continues to show strength, supported by robust price action and rising volumes. The stock has sustained above key moving averages, signaling trend continuation. RSI and MACD indicate bullish momentum, suggesting further upside. Sustaining above ₹1,025 may open the path toward ₹1,080 and ₹1,120. A stop-loss at ₹980 is advised for traders.
(Source- Mehra Securities).
EoM.
