Market is indecisive between bulls and bears
Markets remain indecisive as bulls and bears battle amid mixed economic signals, global uncertainties, and sectoral volatility. Investors await clear trends while sentiment swings between optimism and caution.
Market is indecisive between bulls and bears
Mumbai, July 07
Today, the benchmark indices witnessed narrow-range activity. The Nifty ends 7 points lower, while the Sensex was up by 10 points. Among sectors, the FMCG index outperformed, rallied 1.73 percent, whereas the Media and Defense indices shed over 1 percent. Technically, after a muted open, the market hovered between the 25,400/83250 to 25,475/83400 ranges throughout the day. A small candle on the daily charts and non-directional activity on intraday charts indicate indecisiveness between the bulls and the bears.
“We are of the view that 83500 will act as an immediate breakout zone for traders,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities
Above this level, the market could rally up to 83700–84000. On the flip side, below 83250, we could see a quick intraday correction down to 83000. Further weakness may also continue, potentially dragging the market down to 82800. The current market texture is non-directional; hence, level-based trading would be the ideal strategy for day traders.
Stock Picks
Godrej Consumer Products Ltd (Godrej CP)
Buy at ₹1,268 | Stop‑Loss ₹1,230 | Target ₹1,380
Godrej CP has recently broken above the ₹1,260 resistance zone on strong volume, signaling renewed interest from buyers. The stock is trading above its 20‑day and 50‑day moving averages, confirming a bullish trend. The Relative Strength Index (RSI) is around 67, indicating solid momentum without being overbought. Technical structure shows a pattern of higher highs and higher lows—suggestive of continuation. Provided it holds above ₹1,230, the stock could extend toward ₹1,380 in the near term. Traders may consider initiating positions on minor pullbacks, using ₹1,230 as a protective stop-loss level.
Dabur Ltd
Buy at ₹512 | Stop‑Loss ₹490 | Target ₹560
Dabur has cleared the ₹510 resistance level with increased buying volume, indicating strength in the consumer goods segment. The stock is now trading above both its 20‑day and 50‑day moving averages, implying ongoing positive price action. The RSI sits near 65, signaling healthy upward momentum while remaining in neutral territory. Chart setup exhibits a constructive pattern with higher highs and higher lows—supporting further upside. If Dabur sustains above ₹512, it is well-positioned to aim for ₹560. Traders may consider entering on dips with a stop-loss at ₹490 to manage risk.
(Source_Riyank Arora Technical Analyst at Mehta Equities)
EoM.
