Go for level-based trading

Mumbai, Nov 11

Today, the benchmark indices experienced a volatile trading session. After a roller-coaster activity, the Sensex was up by 336 points.

Among sectors, the Defence Index outperformed today, rallying 2.45 per cent. Technically, after an early morning sharp intraday correction, the market took support near 83,100 and bounced back sharply.

From the day's lowest point, the market rallied over 700 points. On intraday charts, the market has formed a higher bottom and also succeeded in closing above the 20-day SMA (Simple Moving Average), which is largely positive.

“We are of the view that the current market texture is volatile; hence, level-based trading would be the ideal strategy for day traders”, says Shrikant Chouhan, Head - Equity Research, Kotak Securities.

Therefore, 83,500 and 83,300 would act as key support zones, while 84,000–84,300 could be immediate resistance areas for the bulls. However, below 83,300, the uptrend would become vulnerable.

Stock Picks

Motilal Oswal – Buy | CMP: ₹988 | SL: ₹960 | Target: ₹1,050 / ₹1,100

Motilal Oswal continues to trade in a positive structure after a brief consolidation phase. The stock is holding well above its short-term moving averages, supported by rising volumes. RSI is trending higher, indicating strong buying interest. Sustaining above ₹988 could lead to a rally toward ₹1,050 and ₹1,100. Traders may consider buying on dips while maintaining a stop-loss at ₹960.

GMDC Ltd – Buy | CMP: ₹599 | SL: ₹580 | Target: ₹635 / ₹660

GMDC is showing strong momentum after rebounding from its support zone near ₹580. The stock has maintained a higher-low formation on the daily chart, suggesting continued accumulation. RSI is in a bullish range, pointing to further upside. A close above ₹600 could take the stock toward ₹635 and ₹660. Traders can stay long with a stop-loss at ₹580.

(Source_Riyank Arora Technical Analyst at Mehta Equities)

EoM.