Market holding a pullback wave

Mumbai, Nov 10

Today, the benchmark indices continued their pullback rally, with the Sensex rising by 319 points.

Among sectors, IT and Défense indices outperformed, rallying over 1 percent, whereas the Media index lost the most, shedding 1 per cent.

Technically, after a positive open, the market maintained positive momentum throughout the day. On daily charts, it has formed a bullish candle, and on intraday charts, it is holding a pullback wave.

“We are of the view that as long as the market trades above 83,200, the pullback formation is likely to continue,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.

On the higher side, 83,800 would be the immediate resistance zone for the bulls. A successful breakout of 83,800 could push the market up to 84,200. On the flip side, below 83,200, sentiment could change. If the market drops below this level, it could retest the levels of 83,000-82,700.

Stock Picks

BSE Ltd – Buy | CMP: ₹2625 | SL: ₹2550 | Target: ₹2750 / ₹2850

BSE Ltd continues to show strong bullish momentum, forming higher highs on the daily chart. The stock is supported by consistent volume activity, reflecting sustained investor confidence. A close above ₹2625 could extend the rally toward ₹2750 and ₹2850 in the short term. Traders may buy on dips, keeping a stop-loss at ₹2550 for effective risk management.

Angel One – Buy | CMP: ₹2606 | SL: ₹2550 | Target: ₹2700 / ₹2780

Angel One is trading in a firm uptrend, consolidating after a strong run-up. The stock remains above key short-term moving averages, indicating steady strength. RSI continues to trend positively, suggesting more upside ahead. Sustaining above ₹2600 could take the stock toward ₹2700 and ₹2780. A stop-loss at ₹2550 is recommended to protect gains.

(Source_Riyank Arora Technical Analyst at Mehta Equities)

EoM.