Market is largely negative
The market trends negative amid investor caution and global economic concerns. Analysts cite weak earnings, geopolitical tensions, and rising interest rates as key drivers behind the bearish sentiment.
Market is largely negative
Mumbai, July 10
Today, the benchmark indices witnessed selling pressure at higher levels. The Sensex was down by 346 points.
Among sectors, intraday buying was seen in selective Reality and Metal stocks, whereas the Defense index was the top loser, shedding nearly 2 per cent.
Technically, after a muted open, the market experienced consistent selling pressure throughout the day at higher levels. It also formed a bearish candle on daily charts and is exhibiting a lower top formation on intraday charts, which is largely negative.
“We are of the view that the intraday market outlook is weak; however, a fresh selloff is possible only after the dismissal of 83,000. Below these levels, the market could slip to 82,700,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.
Further selling pressure may continue, potentially dragging the market down to 82,500.
On the upside, above 83,400, we could see a quick intraday rally toward 83,700–84,000.
Stock Picks
Quality Power Systems Ltd (Q Power)
Buy at ₹805 | Stop‑Loss ₹770 | Target ₹900
Q Power has surged past the ₹790–800 resistance level with increasing volume, signalling renewed buying interest in the power solutions segment. The stock is now trading above its 20‑day and 50‑day moving averages, confirming a bullish shift in trend. The Relative Strength Index (RSI) sits near 66, indicating healthy momentum with room to grow. Its chart structure shows higher highs and higher lows, reinforcing the strength. As long as Q Power stays above ₹770, the near-term outlook remains positive, with the potential to reach ₹900. Traders may initiate positions on dips, protecting downside with ₹770 as a stop-loss.
Mamata Machinery
Buy at ₹485 | Stop‑Loss ₹450 | Target ₹555
Mamata Machinery has recently broken out above the ₹470–480 resistance range on strong volume, indicating consolidation completion and fresh buying. The stock is now trading above its short-term moving averages—signaling technical strength. The RSI is currently around 67, reflecting positive momentum without overextension. The price structure shows a clear uptrend of higher highs and lows, supporting further upside. Provided it holds above ₹450, the stock may rally toward ₹555 in the near term. Traders may consider entering on mild pullbacks, with ₹450 as a prudent stop-loss to manage risk.
(Source_Riyank Arora Technical Analyst at Mehta Equities)
EoM.
