Mkt is indecisive between bulls and bears

Mumbai, June 09

Today, the benchmark indices witnessed range-bound activity. The Sensex was up by 256 points. Among sectors, the Capital Market index was the top gainer, rallying over 2.35 per cent, whereas intraday profit booking was seen in selective Defense and Reality stocks.

Technically, after a gap-up open, the entire day saw range-bound activity. On daily charts, the index has formed a small candle, suggesting indecisiveness between the bulls and the bears.

“We are of the view that 82,000 would act as a sacrosanct support zone for trend-following traders,” says Shrikant Chouhan, Head Equity Research, Kotak Securities.

As long as the market is trading above this level, the uptrend is likely to continue. On the higher side, it could move up to 82,800-83,000. On the flip side, falling below 82,000 would render the uptrend vulnerable.

Stock Picks

Walchandnagar Industries Ltd

Buy at ₹251 | Stop Loss ₹235 | Target ₹280

Walchandnagar Industries is showing strong upward momentum after a consolidation phase, and it has now broken above a key resistance zone near ₹245–₹250. The breakout is supported by strong volume, indicating fresh buying interest. The stock is also trading above its key moving averages, suggesting sustained strength. The RSI is around 67, showing healthy bullish momentum without being overbought. As long as it holds above ₹235, the stock could continue its upward move toward ₹280 in the short term. Traders can consider accumulating on minor intraday dips with a positive bias.

Housing and Urban Development Corporation Ltd (HUDCO)

Buy at ₹246 | Stop Loss ₹232 | Target ₹270

HUDCO has given a decisive breakout above the ₹240 mark, which acted as a major hurdle in previous sessions. The stock is trading with strong bullish sentiment, supported by rising volumes and a favorable technical structure. It is forming higher highs and trading comfortably above its 20-day and 50-day EMAs. The RSI is currently around 70, indicating strong momentum. If the stock sustains above ₹246, it is likely to head toward ₹270 in the near term. A stop loss below ₹232 is recommended to protect against any reversal. The trend remains strong, and short-term traders may consider buying on dips.

EoM.