Market is broadly positive

Mumbai, June 16

Today, the benchmark indices bounced back sharply, the Sensex was up by 678 points. Among sectors, almost all major sectoral indices traded in positive territory, but the IT and Tourism indices outperformed, gaining over 1.5 per cent.

Technically, after a muted open, the market successfully cleared the 20-day SMA (Simple Moving Average) or the 81,500 resistance mark. Following the breakout, positive momentum intensified.

On daily charts, it has formed a bullish candle, and on intraday charts, it is holding an uptrend continuation formation, which is broadly positive.

“We believe that the 20-day SMA or the 81,500 and 81,200 levels are key support zones for day traders, while 82,300 and 82,500 would act as crucial resistance levels for the bulls,” says Shrikant Chouhan, Head Equity Research, Kotak Securities.

For day traders, buying on intraday dips and selling on rallies would be the ideal strategy. However, below 81,200, sentiment could turn negative. If the market drops below this level, traders may prefer to exit their long positions.

Prashanth Tapse, Senior VP (Research), Mehta Equities says, “ .”

Stock Picks

Indraprastha Gas Ltd (IGL)

Buy at ₹212 | Stop Loss ₹204 | Target ₹235

IGL has recently broken above the ₹210 resistance level with strong buying volume, signaling a possible fresh rally. The stock is comfortably trading above its 20-day and 50-day moving averages, reflecting a solid uptrend. The RSI stands around 67, indicating positive momentum with some room before overbought conditions. If IGL sustains above the ₹210-212 zone, it could head towards ₹235 in the near term. Traders can look to accumulate on minor pullbacks, using ₹204 as a protective stop. The stock continues to benefit from stable demand in the city-gas distribution segment.

GMR Airports Ltd

Buy at ₹83.58 | Stop Loss ₹77 | Target ₹95

GMR Airports has staged a rebound after finding support in the ₹80-81 range and is now trading near ₹83.58 with renewed buying interest. The stock has cleared its short-term moving averages, suggesting resumption of an uptrend. The RSI is approximately 65, signaling building momentum without being overbought. If the stock holds above ₹81 and gains conviction, it could climb toward the ₹95 mark. Traders looking for cyclical exposure in the airport infrastructure space may consider initiating small positions, with a disciplined stop-loss at ₹77 to manage risk.

(Source_Riyank Arora Technical Analyst at Mehta Equities)

EoM.