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Index still maintaining higher bottom formation

The market continued the positive momentum, on Monday one more time the BSE Sensex opened with a gap-up and registered a fresh all-time high of 58,515.85 points.

Trading below 58.2K may trigger intraday correction
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Trading below 58.2K may trigger intraday correction

Stock Picks

- COFORGE: Above Rs5,290 with a target of Rs5,385 and Stop loss of Rs5,240. The stock is in upward trending channel and is on the verge of a breakout.

- GODREJAGRO: Above Rs667 with a target of Rs674 and Stop loss of Rs661. It has support of 8 and 40 EMA.

- HCLTECH: Above Rs1,199 with a target of Rs1,211 and Stop loss of Rs1,188. The stock is in upward trending channel and has given a breakout.

- MOIL: Above Rs177 with a target of Rs179 and Stop loss of Rs175. It has a support of 8 EMA.

- WELSPUNIND: Above Rs138 with a target of Rs140 and Stop loss of Rs136. It has reversed from the support of 8 EMA.

Source-CapitalVia

Mumbai: The market continued the positive momentum, on Monday one more time the BSE Sensex opened with a gap-up and registered a fresh all-time high of 58,515.85 points. After a strong opening entire day, it was hovered between 58,250-58,500 points. Among sectors, strong buying interest resumes in reality, media and IT stocks, whereas, Bank Nifty index witnessed some selling pressure.

Technically, on daily and intraday charts, the index is still maintaining higher bottom formation, which is broadly positive. But due to temporary overbought situation market may trigger quick intraday correction if it succeeds to trade below 58,200 support level.

"We are of the view that, as long as it's trading above 58,200 uptrend texture likely to continue up to 58,600-58,750 points. On the flip side, trading below 58,200 would invite intraday correction up to 58,000-57,800," says Shrikant Chouhan, EVP (equity technical research), Kotak Securities.

Kumud Das
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