Market is largely negative

Mumbai, Dec 18

Today, the benchmark indices witnessed a volatile trading session. After a roller coaster activity, the Sensex was down by 78 points. Among sectors, the Capital Market index outperformed today, rallying over 2 per cent, whereas the Media index lost the most, shedding 1.40 per cent.

Technically, after a muted open, the market bounced back sharply, but once again, it registered profit booking at higher levels, which is largely negative.

“We believe that the intraday market texture is non-directional; perhaps traders are waiting for a breakout on either side,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.

For the bulls, 84,800 would act as an immediate resistance zone. If it manages to trade above this level, then it could move up to 85,000-85,300. On the flip side, 84,300 and 84,100 would act as key support zones. Below 84,100, selling pressure is likely to accelerate. If the market falls below this level, the chances of hitting 83,800-83700 would increase.

Stock Picks

Jindal Steel – Buy | CMP: ₹986 | SL: ₹955 | Target: ₹1,025 / ₹1,060

Jindal Steel is witnessing a healthy pullback after a strong uptrend and is now approaching a key demand zone near ₹955–960. The broader structure remains bullish with higher-timeframe support intact. Momentum indicators are cooling off, which often precedes the next upward leg. A move back above ₹995 can revive buying interest and push the stock toward ₹1,025 and ₹1,060. Maintain SL at ₹955.

Muthoot Finance – Buy | CMP: ₹3,749.90 | SL: ₹3,620 | Target: ₹3,900 / ₹4,020

Muthoot Finance continues to trade above its major support zone despite recent consolidation. The correction appears shallow and time-wise, indicating strength in the overall trend. RSI remains stable, suggesting the stock is preparing for a fresh move. A sustained move above ₹3,800 may trigger upside toward ₹3,900 and ₹4,020. SL placed at ₹3,620.

(Source_Riyank Arora Technical Analyst at Mehta Equities)