Market is largely negative

Mumbai, Dec 10

Today, the benchmark indices experienced a volatile trading session. After a roller-coaster activity, the Sensex was down by 275 points. Among sectors, Media and Metal indices gained 0.50 per cent, whereas the Capital Market Index lost the most, shedding over 2 per cent.

Technically, after an early morning intraday rally, the market faced resistance near 85,000 and reversed sharply. From the day's high point, the market shed over 700 points. It has formed a bearish candle on daily charts and is holding a lower top formation on intraday charts, which is largely negative.

“We believe that the intraday market texture is weak, but a fresh sell-off is possible only after the dismissal of 84,200,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.

Below this level, the market could slip to 84,000-83,700. On the higher side, 84,500 would act as an immediate resistance area for the bulls; a dismissal of 84,500 could push the market up to 84,800-85,000.

Stock Picks

Metro Brands – Buy | CMP: ₹1,186.80 | SL: ₹1,145 | Target: ₹1,240 / ₹1,285

Metro Brands has shown a strong breakout candle backed by robust volume, signalling renewed bullish momentum. The stock has reclaimed short-term moving averages and is forming higher highs, indicating trend continuation. RSI is rising sharply, confirming strength. A sustained move above ₹1,200 can extend gains toward ₹1,240 and ₹1,285. Keep SL at ₹1,145.

Windlas Biotech – Buy | CMP: ₹779.30 | SL: ₹748 | Target: ₹810 / ₹835

Windlas is displaying powerful upside momentum after bouncing sharply from its support zone around ₹748. The stock has formed a bullish continuation structure with strong intraday demand. RSI remains in expansion mode, supporting further upside. A breakout above ₹785 may fuel the next leg toward ₹810 and ₹835. SL placed at ₹748.

(Source_Riyank Arora Technical Analyst at Mehta Equities)