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Market is indecisive between the bulls and bears

On Wednesday, the market opened with a negative note but after initial intraday selloff it took the support near 59,970 and reversed sharply in the late afternoon. Among sectors, buying was seen in Auto, infra and selective Telecom stocks.

Sensex forms long bullish candle
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Sensex forms long bullish candle

Stock Picks

- CHOLAFIN: Above 647 with a target of 654 and Stop loss of 640. The stock is in upward trending channel and has given the breakout

- CENTURYTEX: Above 880 with a target of 888 and Stop loss of 872. It has support of 8 and 40 EMA

- BEL: Above 221 with a target of 223 and Stop loss of 219. The stock is in upward trending channel and is on the verge of a breakout

- CONCOR: Above 706 with a target of 711 and Stop loss of 699. It has a support of 8 EMA

- HAVELLS: Above 1350 with a target of 1363 and Stop loss of 1337. It has reversed from the support of 8 EMA

(Source-CapitalVia)

Mumbai: On Wednesday, the market opened with a negative note but after initial intraday selloff it took the support near 59,970 and reversed sharply in the late afternoon. Among sectors, buying was seen in Auto, infra and selective Telecom stocks. Whereas, PSU Banks, Metal and Reality stocks witnessed technical sell off. "Technically, the narrow range activity near 20-day SMA clearly indicates indecisiveness between the bulls and bears. However, the intraday texture is bullish and is likely to continue in the near future. The intraday trading set up suggest, 60,100 would be the key support level for the traders," says Shrikant Chauhan, head of equity research (Retail), Kotak Securities.

Trading above the same, the index will move up to 60,650-60,900. On the flip side, dismissal of 60,100 may trigger short term correction up to 59,800-59,700, he added.

Kumud Das
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