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Narrow range activity likely to continue

The market registered extremely volatile session, the Sensex closed 243 points lower.

Trends on SGX Nifty indicate a positive opening for the index in India with a 49 points gain
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Trends on SGX Nifty indicate a positive opening for the index in India with a 49 points gain

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Stock Picks

- GLENMARK - Above 590 with a target of 610 and Stop loss of 570. It is trading in a upward trending channel and on the verge of a breakout.

- LUPIN - Above 1100 with a target of 1125 and Stop loss of 1080. It has a support of 8 and 40 DMA.

- IPCALAB - Above 2200 with a target of 2260 and Stop loss of 2195. It is an upward trending channel and on the verge of a breakout.

- ISEC - Above 430 with a target of 450 and Stop loss of 415. It has a support of 8 EMA.

- LAURUSLABS - Above 451 with a target of 468 and Stop loss of 440. It has reversed from the support of 8 EMA.

(Source – CapitalVia)

Mumbai: The market registered extremely volatile session, the Sensex closed 243 points lower.

Post yesterday's sharp fall today, the Sensex opened with over 500 points gap up but after a strong opening, it failed to sustain above 48,400 resistance mark and due to consistent selling pressure at higher levels along with tepid global cues the benchmark index corrected sharply.

Among sectors, profit booking was seen in IT stocks whereas auto, pharma and selective media stocks witnessed buying interest.

"We are of the view that, currently the Sensex hovering in the range of 47,500 to 49,000 price range and the texture of the pattern suggest narrow range activity likely to continue in the near future," Shrikant Chouhan, EVP (equity technical research), Kotak Securities.

Technically, the index has formed lower top formation which is broadly negative for the market. The intraday chart suggests correction wave likely to continue if the Sensex succeeds to trade below 48,100 below the same the correction wave will continue up to 47,350-47,000. On the flip side, above 48,100 we can expect quick pullback rally till 48,300-48,500, he added.

Kumud Das
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