Go for level-based trading strategyGo for level-based trading strategy

Mumbai, Aug 12

Today, the benchmark indices experienced a volatile trading session. After a roller coaster activity, the Sensex was down by 369 points.

Among sectors, intraday buying was observed in Pharma and Media stocks, while selective Financial, Defense, and Banking stocks registered profit-taking at higher levels. Technically, after an early morning intraday rally, the market faced resistance near 81,000 and reversed sharply. From the day's highest point, the market shed over 700 points.

“We are of the view that the current 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, 80,500 would act as a immediate resistance zone. Above this level, the market could bounce back up to 81,000-81,200.

On the lower side, below 80,000, selling pressure is likely to accelerate. Below this level, the market could retest the levels of 79,800-79,500.

Stock Picks

Usha Martin

Buy | CMP: ₹347 | SL: ₹330 | Target: ₹375 / ₹390

Usha Martin is showing strong momentum after breaking out from a consolidation range. The stock is trading above key short-term moving averages, with rising volumes supporting the uptrend. RSI is moving higher, reflecting sustained buying interest. If it holds above ₹347, the rally could extend toward ₹375–₹390. Traders may consider buying with a stop-loss at ₹330 to manage downside risk.

Ola Electric

Buy | CMP: ₹40 | SL: ₹37 | Target: ₹45 / ₹48

Ola Electric has formed a base near ₹38 and is now showing signs of accumulation. The stock is holding above immediate support levels and gaining positive momentum. RSI is gradually improving, indicating potential for further upside. A sustained move above ₹40 could lead to a rally toward ₹45–₹48. Traders can consider fresh long positions with a stop-loss at ₹37.

(Source_Riyank Arora Technical Analyst at Mehta Equities)

EoM.