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Keep focus on FMCG, auto companies

On the weekly basis, despite the market closed in the positive territory, the market mood was sluggish.

Sensex trading in narrow range
X

Sensex trading in narrow range

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Stock Picks

- HINDUNILVR - Above 2210 with a target of 2250 and Stop loss of 2170. It has reversed from the major support levels and has crossed 200 DMA.

- HEROMOTOCO - Above 3490 with a target of 3540 and Stop loss of 3450. It has a support of 8 and 40 DMA.

- KOTAKBANK - Above 1930 with a target of 1960 and Stop loss of 1900. It is an upward trending channel and on the verge of a breakout.

- MARUTI - Above 7255 with a target of 7340 and Stop loss of 7200. It has a support of 8 DMA.

- BRITANNIA - Above 3520 with a target of 3575 and Stop loss of 3480. It has reversed from the support of 8 EMA.

(Source-CapitalVia)

Mumbai: On the weekly basis, despite the market closed in the positive territory, the market mood was sluggish. A substantial jump in the long-term treasury yields and upward activity in the dollar index towards 92, resulted in weakness across the globe. The Sensex closed below the crucial supports of 50,500 on a daily basis. The dollar index has formed a series of higher high and higher low that could be the cause of concern as it controls or curtail inflows for emerging markets. On a daily basis, the market has formed the long-legged Doji formation, which is an indication of indecisiveness.

"In the coming week, we could see Sensex touching minimum 50,000 or 49,300 levels. On the higher side, 51,200 and 51,600 would be major hurdles. The focus should be on FMCG and Auto companies," says Shrikant Chouhan, EVP, equity technical research at Kotak Securities.

Kumud Das
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