Market is indecisive between bulls and bears
Stock market remains uncertain as traders weigh bullish and bearish signals, reflecting mixed sentiments and cautious investor activity.
Market is indecisive between bulls and bears
Mumbai, Sep 08
Today, the benchmark indices witnessed profit booking at higher levels. The Sensex was up by 150 points. Among sectors, the Technology index lost the most, shed over 1.70 per cent, whereas the Auto index gained nearly 1 percent. Technically, after a gap-up opening, the market has consistently witnessed buying pressure at lower levels, however, in the second half we saw a quick and sharp sell-off in the market, which was unexpected.
On daily charts, it has formed an indecisive candlestick formation, which indicates an indecisiveness between bulls and bears.
“We are of the view that the short-term market outlook would remain volatile; however, a fresh uptrend rally is possible only after crossing the 81,200 level,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.
Above this, the market could move up to 81,500. Further upside may also continue, potentially lifting the index up to 81,800.
On the downside, 80,500 and 80,300 are key support zones for day traders. If the index falls below 80,300, then index might fall to 80,000 or 79,800 levels in the short term.
Stock Picks
Gem Aromatics – Buy | CMP: ₹300 | SL: ₹285 | Target: ₹325 / ₹340
Gem Aromatics has shown strong momentum after a period of consolidation near ₹290–₹295. The stock is trading above short-term moving averages, with improving volumes confirming buying interest. RSI is trending upward, suggesting further strength. Sustaining above ₹300 could take the stock toward ₹325 and ₹340 in the near term. Traders may consider fresh buying positions with a stop-loss at ₹285 to manage downside risk.
GMDC – Buy | CMP: ₹540 | SL: ₹515 | Target: ₹575 / ₹600
GMDC is sustaining strength after bouncing from support near ₹520 and is trading well above its key moving averages. The stock is supported by healthy volume action and a positive RSI trend, indicating bullish sentiment. If it holds above ₹540, further upside toward ₹575 and ₹600 looks likely. Traders may consider initiating fresh longs while keeping a stop-loss at ₹515 to protect against volatility.
(Source_Riyank Arora Technical Analyst at Mehta Equities)
EoM.
