Mkt is indecisive between bulls and bears
The market remains indecisive between bulls and bears as investors weigh global cues, economic data, and volatility before taking clear positions.
Mkt is indecisive between bulls and bears
Mumbai, Sep 30
Today, the benchmark indices witnessed lacklustre activity. The Sensex was down by 97 points. Among sectors, PSU Bank and Metal indices gained over 1 per cent, whereas Capital Market and Media indices shed over 1 per cent.
Technically, after a muted open, the entire day’s market hovered between the 80,200 to 80,600 zones. There was non-directional intraday activity, with a small bearish candle indicating indecisiveness between the bulls and the bears.
“We believe that the intraday market texture is non-directional; perhaps traders are waiting for an either-side breakout,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.
On the higher side, 80,800 would act as an immediate breakout zone for the bulls. Above this, the pullback move could continue till 81,000-81,300. On the flip side, below 80,000, selling pressure is likely to accelerate. Below this level, the market could slip to 79,800-79,500.
Stock Picks
J&K Bank – Buy | CMP: ₹105 | SL: ₹100 | Target: ₹112 / ₹116
J&K Bank is holding strong above its support levels with improving momentum. The stock is witnessing steady buying interest, and RSI remains positive. Sustaining above ₹105 could lead to an upside move toward ₹112 and ₹116. A stop-loss at ₹100 is recommended to manage downside risk.
KEC International – Buy | CMP: ₹872 | SL: ₹850 | Target: ₹905 / ₹925
KEC International has maintained a firm uptrend, trading above short-term moving averages with healthy volumes. The momentum indicators suggest continued strength. Sustaining above ₹872 can take the stock toward ₹905 and ₹925. A strict stop-loss at ₹850 should be kept for risk control.
(Source_Riyank Arora Technical Analyst at Mehta Equities)
EoM.
