Index holds uptrend formation
60,100 would act as a crucial support level; quick intraday correction is 60,100 below the same the index could retest the level of 59,800-59,650
Quick intraday relief rally likely
Stock Picks
- BATA: Above Rs2030 with a target of Rs2070 and Stop loss of Rs2000. The stock is in positive momentum and is at the support of 8 and 40 EMA
- TRENT: Above Rs1320 with a target of Rs1360 and Stop loss of Rs1280. It has a support of 8 EMA and has been on the verge of the breakout
- SAIL: Above Rs107 with a target of Rs111 and Stop loss of Rs104. It is at the support of 8 and 40 EMA
- DALMIA BHARAT: Above Rs1600 with a target of Rs1650 and Stop loss of Rs1560. It has reversed from the recent support zone
- HEROMOTO CORP: Above Rs2320 with a target of Rs2380 and Stop loss of Rs2280. It has reversed from the support of 8 EMA
(Source: Capital-Via)
Mumbai; On Monday, the benchmark indices witnessed a stellar rally. After a robust intraday session, the Sensex was up by 1295 points. Intraday rally largely supported by HDFC Twins, as the two announced a merger deal. In today's intraday session, both the stocks rallied over 10 percent. Among sectors, almost all the major sectoral indices were traded in the green, but Banking and financial stocks outperformed.
"Technically, in last two trading sessions, BSE Sensex rallied nearly 2,400 points. On the daily and intraday charts, the index is holding uptrend formation, but due to overbought texture, traders may prefer to book some profits at higher levels. For the trend following traders now, 60,100 would act as a crucial support level, above which the Sensex may touch the level of 60,900-61,200," says Shrikant Chouhan, head (equity research-retail), Kotak Securities.
On the flip side, quick intraday correction is 60,100 below the same the index could retest the level of 59,800-59,650. For traders, near 60,900-61,200 it is advisable to book some profits, he added.
