Market is indecisive between bulls and bears
The market remains indecisive as bulls and bears struggle for control. Explore the factors causing uncertainty, investor sentiment, and key signals to watch.
Market is indecisive between bulls and bears
Mumbai, July 16
Today, the benchmark indices experienced narrow-range activity, with the Sensex gain 64 points.
Among sectors, the PSU Bank index outperformed, rallying over 1.70 per cent, while selective profit booking was observed in Metal and Defense stocks. Technically, a small candle on the daily charts and range-bound intraday activity indicate indecisiveness between the bulls and bears.
“We believe that 82,300 will remain act as a key support zone for traders,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.
As long as the market trades above this level, the bullish sentiment is likely to continue. On the higher side, the market could bounce back to the 20-day SMA (Simple Moving Average) or 83,000. Further upside may also push the market up to 83,600.
Conversely, below 82,300, the sentiment could change. If the market slips below this level, it could decline toward the 50-day SMA or the82,000-81,800 zone.
Stock Picks
PSP Projects
Buy at ₹827 | Stop‑Loss ₹790 | Target ₹920
PSP Projects has made a firm breakout above the ₹820 resistance level with strong volumes, signaling renewed investor commitment. The stock is trading above both its 20-day and 50-day moving averages, indicating a secure uptrend. The Relative Strength Index (RSI) sits around 67, suggesting solid upward momentum without entering overbought territory. The daily chart reveals a pattern of higher highs and higher lows, reinforcing the bullish bias. As long as the stock holds above ₹790, a move toward ₹920 looks achievable in the near term. Traders may consider entering on small dips, with ₹790 acting as a protective stop-loss.
Rossari Biotech
Buy at ₹742 | Stop‑Loss ₹710 | Target ₹835
Rossari Biotech has surged past its ₹730–740 resistance range backed by rising volume, reflecting strong buying interest from market participants. The stock now trades above its 20-day and 50-day moving averages, reaffirming its bullish technical setup. The RSI currently reads near 68, indicating healthy momentum with room to run. Its chart structure displays higher highs and higher lows, supporting further upside. Provided Rossari holds above ₹710, it could extend its rally toward ₹835 in the near term. Traders may consider accumulating on dips, using ₹710 as a key risk-control level.
(Source_Riyank Arora Technical Analyst at Mehta Equities)
EoM.
