Go for level-based trading

Mumbai, Dec 23

Today, the benchmark indices witnessed selling pressure at higher levels. The Sensex was down by 116 points.

Among sectors, buying was seen in selective financial stocks, while the Capital Market Index shed nearly 1 percent. Technically, after an early morning intraday rally, the market once again faced resistance near 85,750 and reversed sharply. From the day's highest point, the market shed over 350 points.

“We believe that the intraday market texture is non-directional; hence, level-based trading would be the ideal strategy for day traders,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.

On the higher side, 85,750 remains the crucial resistance zone for the bulls, whereas 85,300 would be the immediate support area. On the higher side, above 85,750, the market could move up to 86,000-86,200, while below 85,300, the chances of hitting 85,000 would increase.

Stock Picks

Hindustan Copper – Buy | CMP: ₹436 | SL: ₹418 | Target: ₹455 / ₹470

Hindustan Copper is maintaining a strong bullish structure with higher highs and higher lows on the daily chart. The stock is holding firmly above its key support zone near ₹418, indicating sustained buying interest. Momentum indicators remain positive, with RSI in the bullish zone. A sustained move above ₹440 can accelerate upside toward ₹455 and ₹470. Traders may hold long positions with a strict stop-loss at ₹418.

Anant Raj – Buy | CMP: ₹566 | SL: ₹545 | Target: ₹590 / ₹610

Anant Raj continues to trade in a strong uptrend, supported by steady accumulation on dips. The stock is holding above its short-term moving averages, signalling trend continuation. RSI remains positively placed, suggesting further upside. A breakout above ₹570 may open the path toward ₹590 and ₹610. Maintain a stop-loss at ₹545.

(Source_Riyank Arora Technical Analyst at Mehta Equities)