Market is largely positive

Mumbai, Nov 03

Today, the benchmark indices witnessed range-bound activity. The Sensex was up by 40 points. Among sectors, the Reality index outperformed today, rallied 2.40 per cent, whereas intraday profit booking was seen in selective auto and IT stocks at higher levels.

Technically, after a correction, the market has formed an intraday reversal pattern. Additionally, on daily charts, it has formed a small bullish candle, which is largely positive.

“For day traders, 83,700 and 83,500 would act as key support zones,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.

As long as the market trades above these levels, a pullback formation is likely to continue, with the index potentially moving up to 84,300. Further upside may also persist, which could lift the index to 84,700. On the flip side, below 83,500, the uptrend would become vulnerable. If the market falls below this level, the chances of hitting 83,200 would increase.

Stock Picks

JK Tyre – Buy | CMP: ₹442 | SL: ₹420 | Target: ₹470 / ₹485

JK Tyre continues to trade in a strong uptrend after breaking out from a key resistance zone near ₹430. The stock is witnessing steady volume accumulation and higher-top, higher-bottom formations on the daily chart. Momentum indicators such as RSI remain firmly in the bullish territory, suggesting further upside potential toward ₹470 and ₹485. A stop-loss at ₹420 is advised for traders to manage risk effectively.

CEAT Ltd – Buy | CMP: ₹4,028 | SL: ₹3,950 | Target: ₹4,200 / ₹4,350

CEAT Ltd maintains a bullish structure on the charts with consistent follow-through buying interest. The stock has sustained above its crucial short-term averages, confirming strength in the trend. RSI and volume trends are supportive, indicating potential for continued momentum. Holding above ₹4,000 could lead to upside toward ₹4,200 and ₹4,350. Stop-loss recommended at ₹3,950.

(Source_Riyank Arora Technical Analyst at Mehta Equities)

EoM.