Market is indecisive between bulls and bears
The market remains indecisive as bulls and bears battle for control, reflecting investor uncertainty amid mixed economic signals and global developments.
Market is indecisive between bulls and bears
Mumbai, June 19
Today, the benchmark indices witnessed lackluster activity. The Sensex was down by 205 points. Among sectors, the Auto index gained 0.38 per cent, whereas the PSU Bank index lost the most, shed 2 per cent.
Technically, after a muted open, the entire day saw range-bound activity. A small candle on the daily charts and non-directional intraday activity indicate indecisiveness between the bulls and the bears.
“We believe that, as long as the market is trading between 81,200 and 81,600, range-bound activity is likely to continue,” says Shrikant Chouhan, Head Equity Research, Kotak Securities.
On the higher side, a successful breakout above 81,600 could push the market up to 82,000-82,200.
On the flip side, a dismissal of 81,200 may accelerate selling pressure. Below this level, the market is likely to retest the levels of 80,500-80,300.
Stock Picks
Tata Consumer Products Ltd
Buy at ₹1,088 | Stop‑Loss ₹1,040 | Target ₹1,200
Tata Consumer has broken out above the ₹1,060–1,080 resistance range on strong volume, signaling renewed buying interest. The stock is firmly above its 20‑ and 50‑day moving averages and trading in a clear uptrend. The Relative Strength Index (RSI) stands near 67, reflecting healthy momentum without entering overbought territory. Provided it holds above ₹1,040, the stock is positioned to move toward the ₹1,200 mark in the near term. Investors may consider initiating positions on minor dips, using the stop‑loss at ₹1,040 to manage risk.
Biocon Ltd
Buy at ₹348 | Stop‑Loss ₹330 | Target ₹380
Biocon is showing signs of recovery after finding support around ₹330 and has recently crossed the ₹345 resistance level with increased volume. The price is trading above both its 20‑day and 50‑day moving averages, reinforcing the short‑term bullish trend. The RSI is around 64, indicating positive momentum with room to grow. If it maintains above ₹345, the stock could head toward ₹380 in the near term. With a stop‑loss set at ₹330 to cushion against volatility, Biocon offers a favorable risk‑reward set‑up for short‑term investors.
(Source_Riyank Arora Technical Analyst at Mehta Equities)
EoM.
