Market is indecisive between bulls and bears
The market remains indecisive as bulls and bears struggle for control, reflecting uncertainty, mixed investor sentiment, and lack of clear direction.
Market is indecisive between bulls and bears
Mumbai, Jul 30
Today, the benchmark indices witnessed narrow-range activity. The Sensex gained 144 points.
Among sectors, selective buying was seen in capital goods stocks, whereas the Realty and Media indices continued to experience profit booking at higher levels.
Technically, after a muted open, the market hovered between 81,200 and 81,600 price ranges. A small candle on the daily charts and the narrow range activity on intraday charts indicate indecisiveness between bulls and bears.
“We are of the view that as long as the market trades above 81,200, the pullback formation is likely to continue,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities
On the higher side, the market could move up to 82,000, with further upside potentially pushing the indices to 82,200. On the downside, if the market falls below 81,200, we could see a fresh round of selling. Below this level, the market is likely to retest the levels of 81,000-80,700.
The intraday market texture is non-directional. Therefore, level-based trading would be the ideal strategy for day traders.
Stock Picks
State Bank of India (SBIN)
Buy | CMP: ₹801 | SL: ₹780 | Target: ₹840 / ₹860
SBIN is showing strong momentum after holding above ₹790 support and is trading near its recent highs. The stock is comfortably placed above its short-term moving averages, indicating continued strength. RSI is also trending upward, confirming bullish momentum. A sustained move above ₹801 can push the stock toward ₹840 and ₹860 levels in the near term. The price structure remains positive, supported by steady buying interest. Traders can consider buying SBIN with a stop-loss at ₹780 to manage risk.
Oil & Natural Gas Corporation (ONGC)
Buy | CMP: ₹242 | SL: ₹230 | Target: ₹260 / ₹270
ONGC has rebounded sharply from its support near ₹230 and crossed ₹240 with good volume, signaling fresh strength. The stock is trading above its short-term moving averages, and RSI is showing positive momentum, indicating room for further upside. If ONGC sustains above ₹242, it may rally toward ₹260–₹270 in the coming sessions. The chart pattern suggests a bullish trend continuation. Traders may consider buying ONGC at current levels with a stop-loss placed at ₹230.
(Source_Riyank Arora Technical Analyst at Mehta Equities)
EoM.
