Market is holding an uptrend continuation formation
The market is maintaining an uptrend continuation formation, signaling sustained bullish momentum as investors await key economic cues and sectoral performance drivers.
Market is holding an uptrend continuation formation
Mumbai, Sep 09
Today, the market continued its positive momentum, with the Sensex rose by 314 points.
Among sectors, the IT Index was the top performer, rallying 2.70 per cent, whereas intraday profit booking was seen in selective Realty stocks.
Technically, after an early morning intraday dip, the market took support near 80,900 and reversed. On daily charts, it has formed a small candle, and on intraday charts, it is holding an uptrend continuation formation.
“We are of the view that currently the market is experiencing positive consolidation,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.
For day traders, the key support zone is now 80,900-80,750. As long as the market trades above this, the bullish sentiment is likely to continue. On the higher side, 81,500 would act as a crucial resistance zone.
A successful breakout above 81,500 could push the market up to 81,800-82,000. Conversely, below 80,750, the uptrend would become vulnerable.
Stock Picks
POCL (Pondy Oxide) – Buy | CMP: ₹1220 | SL: ₹1175 | Target: ₹1280 / ₹1320
POCL is showing strong momentum after consolidating near support levels. The stock has sustained above ₹1200, with improving volumes signaling fresh accumulation. RSI is trending positively, indicating strength for an upward move. A decisive hold above ₹1220 can trigger upside toward ₹1280 and ₹1320. Traders may consider fresh longs while keeping a stop-loss at ₹1175 to protect against downside risk.
Affle (India) – Buy | CMP: ₹2074 | SL: ₹2000 | Target: ₹2180 / ₹2250
Affle (India) has witnessed a positive breakout from its recent consolidation zone, supported by rising volumes. The stock is trading firmly above its short-term moving averages, reflecting sustained bullish interest. Momentum indicators like RSI are trending upward, hinting at further strength. Sustaining above ₹2074 can open the path toward ₹2180 and ₹2250. Traders may initiate long positions with a strict stop-loss at ₹2000.
(Source_Riyank Arora Technical Analyst at Mehta Equities)
EoM.
