Market is largely negative

Mumbai, Sep 24

Today, the benchmark indices continued profit booking at higher levels. The Sensex was down by 386 points.

Among sectors, almost all major sectoral indices witnessed selling pressure at higher levels, but the Reality Index lost the most, shedding 2.50 per cent.

Technically, on intraday charts, the market is holding a lower top formation, and on daily charts, it has formed a bearish candle, which is largely negative.

“We are of the view that the intraday market texture is weak, but a fresh selloff is possible only after the dismissal of the 81,500 level,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.

Below this, the market could slip to 81,200-81,000. On the flip side, above 82,000, the pullback move could extend up to 82,300-82,500.

The intraday market texture is volatile; hence, level-based trading would be the ideal strategy for day traders.

Stock Picks

GMDC

Buy | CMP: ₹606 | SL: ₹585 | Target: ₹640

GMDC is showing strong momentum after sustaining above ₹600. The stock is forming higher highs with volume support, signaling continued demand. Holding ₹585 as support, it has scope to rally towards ₹640.

SBIN

Buy | CMP: ₹866 | SL: ₹845 | Target: ₹900

SBIN is trending firm near record highs, backed by strong volumes. A sustained move above ₹860 can accelerate momentum towards ₹900. The stock remains bullish as long as it holds ₹845.

(Source_Riyank Arora Technical Analyst at Mehta Equities)

EoM.