Market is largely positive

Mumbai, Sep 03

Today, the benchmark indices bounced back sharply, with the Sensex up by 410 points.

Among sectors, the Metal Index outperformed, rallied 3.10 per cent, whereas despite strong market momentum, intraday profit booking was seen in selective IT stocks.

Technically, after a muted open once again, the market took support near 80,000 and bounced back sharply.

“On daily charts, it has formed a bullish candle, and on intraday charts, it is holding an uptrend continuation pattern, which is largely positive,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.

For the bulls now, 80,700 would be the immediate resistance zone. A successful breakout above 80,700 could push the market towards 81,000–81,200. On the flip side, 80,200 and 80,000 would be key support zones for traders.

However, below 80,000, the uptrend would become vulnerable. If the market falls below this level, traders may prefer to exit their long positions.

Stock Picks

Jindal Steel – Buy | CMP: ₹1028 | SL: ₹995 | Target: ₹1065 / ₹1085

Jindal Steel is showing strong momentum, holding above its crucial support near ₹1000. The stock has been forming higher highs, with RSI indicating sustained strength. A move above current levels can push it toward ₹1065–1085 in the near term. Defined support levels make this a favorable risk–reward setup for traders.

SAIL – Buy | CMP: ₹129.68 | SL: ₹125 | Target: ₹135 / ₹140

SAIL is witnessing accumulation near its support zone around ₹125, maintaining a positive structure. The stock is consolidating with improving volumes, suggesting strength at lower levels. If it sustains above ₹130, upside levels of ₹135–140 are likely. Technical indicators point toward a bullish bias, offering a good buying opportunity with limited downside risk.

(Source_Riyank Arora Technical Analyst at Mehta Equities)

EoM.