Mkt is indecisive between bulls and bears

Mumbai, Dec 19

In the last week, the benchmark indices witnessed roller-coaster activity. The Sensex was down by 343 points. Among sectors, the PSU Bank index gained 1.26 per cent, whereas the Private Bank index lost the most, shedding over 1.38 per cent.

During the week, after a short-term correction, the market took support near the 50-day SMA (Simple Moving Average) and reversed. Technically, on daily and intraday charts, the market is witnessing non-directional activity, which is indicating indecisiveness between the bulls and bears.

“We believe that the current market texture is range bound. For the bulls now, 85,000 would act as an immediate breakout zone,” says Amol Athawale of Kotak Securities.

If it succeeds in trading above this level, then it could rally to 85,600. Further upside may also continue, potentially lifting the index up to 85,900-86,100. On the flip side, 84,500 would act as a key support zone for traders. Below this level, the market could retest 84,000-83,700.

Stock Picks

BEML – Buy | CMP: ₹1,720.50 | SL: ₹1,660 | Target: ₹1,800 / ₹1,860

BEML continues to trade in a strong bullish trend, supported by robust price action and higher-high formations. The stock has witnessed strong buying interest above the ₹1,660 support zone, indicating accumulation on dips. Momentum indicators remain firmly positive, with RSI sustaining in the bullish zone. A decisive move above ₹1,740 can further strengthen momentum and push the stock toward ₹1,800 and ₹1,860. Traders may hold long positions with a stop-loss at ₹1,660.

Endurance Technologies – Buy | CMP: ₹2,695.80 | SL: ₹2,610 | Target: ₹2,780 / ₹2,850

Endurance is showing sustained strength with the stock trading comfortably above its key moving averages. The overall structure remains bullish, with higher lows forming consistently. RSI remains positively placed, signalling continuation of the uptrend. A move above ₹2,720 may trigger the next leg of the rally toward ₹2,780 and ₹2,850. Maintain a stop-loss at ₹2,610.

(Source_Riyank Arora Technical Analyst at Mehta Equities)