Market is largely positive

Mumbai, Oct 29

Today, the benchmark indices maintained their positive momentum. The Sensex was up by 369 points.

Among sectors, the Oil and Gas index outperformed, rallying over 2.25 per cent, whereas the Capital Market index experienced the most decline, shedding over 1.79 per cent.

Technically, after a positive open, the market continued its upward momentum on daily charts, forming a bullish candle. On intraday charts, it is holding a higher bottom formation, which is largely positive.

“For day traders, 84,800 would act as a key support level,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.

Above this, the market could continue its positive momentum towards 85,300-85,500. On the flip side, below 84,800, we could see a quick intraday dip up to 84,500. Further downside may also continue, potentially dragging the market down to 84,200.

Stock Picks

Solar Industries – Buy | CMP: ₹340 | SL: ₹325 | Target: ₹360 / ₹375

Solar Industries is showing strong recovery momentum with a sustained breakout above ₹335 levels. The stock is trading above its short-term moving averages, supported by steady volume accumulation. Momentum indicators like RSI are in bullish territory, signaling continued strength. Sustaining above ₹340 could drive the stock toward ₹360 and ₹375. A stop-loss at ₹325 is advised to protect downside risk.

SAIL – Buy | CMP: ₹140 | SL: ₹135 | Target: ₹147 / ₹152

SAIL has maintained a bullish structure, forming higher lows on the daily chart. The stock is seeing consistent volume support near its breakout zone, reflecting accumulation at lower levels. RSI and MACD both indicate positive momentum, suggesting potential upside. Sustaining above ₹140 could push prices toward ₹147 and ₹152. Traders can maintain a stop-loss at ₹135.

(Source_Riyank Arora Technical Analyst at Mehta Equities)

EoM.