Level-based trading is ideal strategy
Level-based trading is an effective strategy for identifying key support and resistance levels, helping traders make informed buy and sell decisions.
Level-based trading is ideal strategy
Mumbai, Sep 23
Today, the benchmark indices witnessed a volatile trading session. After a roller-coaster activity, the Sensex was down by 58 points.
Among sectors, PSU banks and metal indices outperformed, rallying nearly 1 per cent, whereas the FMCG index lost the most, shedding over 1 percent.
Technically, after an early morning intraday selloff, the market took support near 81,800 and rebounded sharply. However, it failed to sustain gains at higher levels.
“We believe that the intraday market texture is volatile and 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, a break above 82,350 is likely to maintain bullish momentum. Above this level, the index could move up to 82,600-82,800.
On the flip side, a decline below 81,800 may accelerate further. Below this level, it could slip to 81,500-81,400.
Stock Picks
Urban Company
Buy | CMP: ₹185 | SL: ₹175 | Target: ₹210
Urban Company is sustaining above key support at ₹175. Strong demand and structural uptrend suggest further momentum. A move above ₹190 can accelerate gains toward ₹210.
Sigachi
Buy | CMP: ₹44.20 | SL: ₹40 | Target: ₹52
Sigachi is consolidating at lower levels and showing signs of recovery. Support near ₹40 is holding firm. Breakout above ₹45 may trigger a rally toward ₹52.
(Source_Riyank Arora Technical Analyst at Mehta Equities)
