Market is indecisive between bulls and bears

Mumbai, June 11

Today, the benchmark indices witnessed a volatile trading session. After a roller-coaster activity, the Sensex was up by 123 points.

Among sectors, the Oil & Gas and IT indices gained over 1 per cent, whereas the Defense and Capital Market indices shed over 2 per cent.

Technically, after an intraday up move, the market experienced selling pressure near the 82,700 levels. On daily charts, it has formed a small Doji candlestick pattern, indicating indecisiveness between the bulls and bears.

We believe that as long as the market trades within the 82,000 to 82,700 range, this range-bound behavior is likely to continue.

A successful breakout above 82,700 could push the market up to the 83,000-83,300 levels. On the other hand, below 82,000, selling pressure is likely to accelerate. If the market falls below this level, it could slip to the 81,700-81,500 range.

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

Stock Picks

Sterling Tools

Buy at ₹380 | Stop Loss ₹360 | Target ₹430

Sterling Tools has broken out above the ₹370–375 consolidation range, driven by higher trading volumes, showing renewed bullish momentum. The stock is forming a series of higher highs and higher lows on the daily chart and is now trading above both its 20-day and 50-day moving averages. The Relative Strength Index (RSI) sits around 66, reflecting building momentum without entering overbought territory. If the price sustains above ₹380, the next resistances at ₹420–430 are likely targets. A stop-loss at ₹360 helps control risk, while the risk-reward setup appears favorable for short-term traders.

Stylam Industries

Buy at ₹1,747 | Stop Loss ₹1,680 | Target ₹1,900

Stylam Industries is showing a strong breakout after consolidating in the ₹1,650–1,700 zone. The stock has surged past ₹1,720–1,740 resistance with impressive volume support, confirming buying interest. It is now positioned well above its short-term moving averages, and the RSI reads ~69, suggesting healthy momentum with some headroom left. The chart structure remains bullish, with the potential to rally toward ₹1,900 in the near term. As long as ₹1,680 holds, the uptrend should continue. Short-term traders may consider accumulating during minor dips for upside capture.

(Source_Riyank Arora Technical Analyst at Mehta Equities)

EoM.