Narrow range trading likely
After a sharp pullback rally, the benchmark indices on Wednesday opened on a strong note, but post gap-up opening, the market witnessed profit booking at higher levels.
Sensex forms long bullish candle
Stock Picks
1. GAEL: Above Rs194 with a target of Rs200 and Stop loss of Rs190. The stock is in positive momentum and has been consolidating near the recent higher levels.
2. MAHINDRA HOLIDAYS: Above Rs224 with a target of Rs230 and Stop loss of Rs220. It has a support of 8 & 40 EMA.
3. QUESS: Above Rs657 with a target of Rs670 and Stop loss of Rs648. The stock has reversed from the support levels and is on the verge of a breakout in smaller time frame.
4. JSWENERGY: Above Rs344 with a target of Rs355 and Stop loss of Rs338. It has a support of 8 and 40 EMA.
5. BANDHAN BANK: Above Rs109 with a target of Rs115 and Stop loss of Rs104. It has support of 8 and 40 EMA.
(Source: CapitalVia)
Mumbai: After a sharp pullback rally, the benchmark indices on Wednesday opened on a strong note, but post gap-up opening, the market witnessed profit booking at higher levels.
Among Sectors, Reality was the top gainer, rallied over three per cent whereas some profit booking was seen in energy and infra stocks. Technically, the index has formed small bearish candle and it also holding lower top formation which is broadly negative.
"We are of the view that, the narrow range activity is likely to continue in the near future. For the short-term traders, now 57,000 immediate support and 57,750 would be the key resistance level," says Shrikant Chauhan, head (equity research-retail), Kotak Securities.
We could expect one more-quick pullback rally till 57,400-57,500, if the Sensex succeeds to trade above 57,000, he added. On the flip side, below 57,000, further correction possible till 56,800-56,500.
In the late afternoon session, Indian equities markets pared some of their gains, but remained over the neutral line as investors kept an eye on the latest developments in the Russia-Ukraine situation.
Traders were wary after Finance Minister Nirmala Sitharaman said the Russia-Ukraine situation and the resulting spike in global petroleum prices pose a threat to India's financial stability, analysts say.
Buyers prioritised real estate, consumer durables, and consumer discretionary counters. On the global front, Asian markets were mainly in the green, while European markets were higher, as investors saw Russian troop deployments near Ukraine and first Western penalties as providing opportunity for a war to be avoided.
