Mkt is indecisive between bulls and bears

Mumbai, July 09

Today, the benchmark indices witnessed profit booking at higher levels. The Sensex was down by 176 points. Among sectors, selective FMCG stocks registered intraday buying interest, whereas the Reality, Metal, Oil and Gas indices shed over 1 percent.

Technically, a small bearish candle on the daily charts and non-directional activity on intraday charts indicate indecisiveness between the bulls and the bears.

“We believe that the current market texture is non-directional; perhaps traders are waiting for either side to break out,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities

For the bulls, the breakout zones for day traders are 83,800. Above these levels, the market could rally to 84,000-84,400. On the flip side, a dismissal of 83,350 could accelerate selling pressure. Below these levels, the market may retest the levels of 83,000. Further downside could continue, potentially dragging the market to 83,000-82,900.

Stock Picks

Suzlon Energy Ltd

Buy at ₹65.94 | Stop‑Loss ₹62.00 | Target ₹75.00

Suzlon has staged a breakout above the ₹64–66 resistance zone on increased volume, marking renewed bullish sentiment in the renewable energy sector. The stock is now trading above both its 20‑day and 50‑day moving averages, indicating short‑term strength. The Relative Strength Index (RSI) is around 66, reflecting solid upward momentum without being overbought. The price structure shows higher highs and higher lows, reinforcing the positive trend. As long as Suzlon holds above ₹62.00, the stock has potential to rally toward ₹75.00. Traders can enter on mild pullbacks, with ₹62.00 as a prudent stop-loss.

Niva Bupa Health Insurance Ltd

Buy at ₹89.14 | Stop‑Loss ₹83.00 | Target ₹105.00

Niva Bupa has overcome its resistance near ₹88–89 on rising volumes, signaling fresh institutional buying interest. The stock is now positioned above its short-term moving averages, supporting a bullish technical setup. The RSI currently stands at 67, indicating healthy momentum with room for further upside. It is forming a pattern of higher highs and higher lows—suggestive of sustained strength. Provided it holds above ₹83.00, Niva Bupa is likely to head towards ₹105.00 in the near term. Traders may look to initiate positions on dips with a stop-loss set at ₹83.00 to manage risk.

(Source_Riyank Arora Technical Analyst at Mehta Equities)

EoM.