Market is largely positive
The market remains largely positive as investor sentiment improves, driven by strong earnings, macroeconomic stability, and global cues supporting growth.
Market is largely positive
Mumbai, July 15
Today, the benchmark indices bounced back sharply. The Sensex was up by 317 points.
Among sectors, almost all major sectoral indices traded in positive territory, but the Capital Market index outperformed, rallying 2.10 per cent.
“Technically, after a muted open, the market bounced back sharply and has formed a reversal formation on both intraday and daily charts, which is largely positive,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.
For short-term traders, the key support zones are 82,300. Above these levels, the pullback formation is likely to continue. On the higher side, the 20-day SMA at 82,900 would act as a crucial hurdle for the bulls. If the market successfully surpasses the 20-day SMA, it could move up to 83,300–83,500.
On the flip side, if the levels fall below 82,300, the market could retest the 50-day SMA at 82,000. Further downside may also continue, potentially dragging the market down to 81,600–81,500.
Stock Picks
PSP Projects
Buy at ₹827 | Stop‑Loss ₹790 | Target ₹920
PSP Projects has made a firm breakout above the ₹820 resistance level with strong volumes, signaling renewed investor commitment. The stock is trading above both its 20-day and 50-day moving averages, indicating a secure uptrend. The Relative Strength Index (RSI) sits around 67, suggesting solid upward momentum without entering overbought territory. The daily chart reveals a pattern of higher highs and higher lows, reinforcing the bullish bias. As long as the stock holds above ₹790, a move toward ₹920 looks achievable in the near term. Traders may consider entering on small dips, with ₹790 acting as a protective stop-loss.
Rossari Biotech
Buy at ₹742 | Stop‑Loss ₹710 | Target ₹835
Rossari Biotech has surged past its ₹730–740 resistance range backed by rising volume, reflecting strong buying interest from market participants. The stock now trades above its 20-day and 50-day moving averages, reaffirming its bullish technical setup. The RSI currently reads near 68, indicating healthy momentum with room to run. Its chart structure displays higher highs and higher lows, supporting further upside. Provided Rossari holds above ₹710, it could extend its rally toward ₹835 in the near term. Traders may consider accumulating on dips, using ₹710 as a key risk-control level.
(Source_Riyank Arora Technical Analyst at Mehta Equities)
EoM.
