Market is largely positive
Market remains largely positive as investor sentiment strengthens, supported by steady inflows, improved earnings outlook, and overall economic stability.
Market is largely positive
Mumbai, Nov 17
Today, the benchmark indices continued their positive momentum. The Sensex was up by 388 points.
Among sectors, almost all the major sectoral indices traded in the positive territory, but Financial Services and PSU Banks indices outperformed, gaining over 1 per cent.
Technically, on daily charts, the index has formed a bullish candle, and on intraday charts, it is holding an uptrend continuation formation, which is largely positive.
“We believe that 84,500 would act as a key support zone for day traders,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.
Above this level, the index could move up to 85,200. Further upside may also continue, potentially lifting the index up to 85,500-85,700.
On the flip side, below 84,500, the uptrend would become vulnerable.
Stock Picks
HUDCO – Buy | CMP: ₹239.14 | SL: ₹228 | Target: ₹250 / ₹260
HUDCO is trading in a steady uptrend, holding above its short-term moving averages. The stock has formed a series of higher lows, signalling sustained accumulation. Momentum indicators are stable, and RSI remains in a bullish zone. A move above ₹242 may strengthen momentum toward ₹250 and ₹260. Keep a stop-loss at ₹228.
Siemens – Buy | CMP: ₹3,232.60 | SL: ₹3,150 | Target: ₹3,350 / ₹3,420
Siemens continues to trade near its upper channel, reflecting strong underlying trend strength. Price action shows firm support around ₹3,150 and consistent demand on dips. RSI is trending upward, indicating positive momentum. A breakout above ₹3,260 can push the stock toward ₹3,350 and ₹3,420. Stop-loss is placed at ₹3,150.
(Source_Riyank Arora Technical Analyst at Mehta Equities)
EoM.
