Mkt is indecisive between bulls and bears

Mumbai, Aug 25

Today, the benchmark indices experienced a volatile trading session. After a roller-coaster activity, the Sensex was up by 329 points. Among sectors, the IT index outperformed, rallying 2.40 per cent, whereas the media index lost the most, shedding 1.80 per cent.

Technically, after an early morning intraday dip, the market took support near 81,400 and bounced back sharply. However, due to profit-taking at higher levels, it failed to close above the 81,800 mark. Additionally, on daily charts, it has formed an inside body candle, indicating indecisiveness between bulls and bears.

“We believe that the intraday market texture is non-directional; hence, level-based trading would be an ideal strategy for day traders,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.

For the bulls, the 81,800 level will be the immediate breakout point. A successful breakout above 81,800 could push the market towards 82,300-82,500. On the other hand, 81,400-81,300 would act as key support zones for day trades. Below 81,300, the chances of hitting 81,000-80,800 increase significantly.

Stock Picks

Usha Martin (CMP ₹388)

Buy | CMP ₹388 | SL ₹370 | Target: ₹405 / ₹420

Usha Martin has been trading with steady upward momentum and is holding firm above its immediate support at ₹370. The stock shows strength on price action with sustained volumes, suggesting continued buying interest. A move above ₹390 could further accelerate momentum toward the ₹405–₹420 zone. Momentum indicators remain supportive, aligning with the bullish structure. Traders can maintain a stop-loss at ₹370.

Ola Electric (CMP ₹49)

Buy | CMP ₹49 | SL ₹44 | Target: ₹55 / ₹60

Ola Electric is witnessing accumulation near current levels after recent volatility, holding well above the ₹44 support zone. A decisive close above ₹50 could open room for a swift rally toward ₹55–₹60 levels in the short term. Volume action and improving sentiment support the possibility of upside momentum. Traders should keep ₹44 as a strict stop-loss to manage risk.

(Source_Riyank Arora Technical Analyst at Mehta Equities)

EoM.