Market is largely positive
The market is largely positive as buying interest strengthens across sectors, supported by improved global cues, steady earnings outlook, and investor confidence.
Markets trade with a positive bias
Mumbai, Dec 22
Today, the benchmark indices witnessed a promising rally. The Sensex was up by 638 points. Among sectors, almost all the major sectoral indices traded in positive territory, but the Defence index outperformed today, rallying over 3 per cent.
Technically, after a gap-up open, the market maintained positive momentum throughout the day. On daily charts, it has formed a long bullish candle and closed above the 20-day SMA (Simple Moving Average), which is largely positive.
“We are of the view that the short-term market texture is bullish, but buy on intraday dips and sell on rallies would be the ideal strategy for day traders,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.
On the downside, 85,300 and 85,000 would act as key support zones, while 85,700 would serve as an immediate resistance zone for the bulls. A successful breakout above 85,700 could push the market towards 86,000-86,200. However, below 85,000, the uptrend would become vulnerable.
Stock Picks
CMP: ₹2,594 | SL: ₹2,500 | Target: ₹2,900 / ₹3,000
Data Patterns remains in a robust bullish structure, consistently forming higher lows. The stock is witnessing steady accumulation, and a breakout above the recent swing level could trigger a fresh rally toward ₹2,900–₹3,000. The ₹2,500 zone acts as strong support, making the stock attractive on dips.
Buy – Angel One
CMP: ₹2,595 | SL: ₹2,400 | Target: ₹2,900 / ₹3,000
Angel One maintains a strong upward trajectory, supported by a series of bullish candles on the daily chart. A sustained move above the current zone could propel the stock toward ₹2,900–₹3,000. The ₹2,400 support level remains crucial for trend continuation, making it a reliable buy-on-dips candidate.
(Source_Riyank Arora Technical Analyst at Mehta Equities)
