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Possible profit booking near 60,500pts

The benchmark indices extended gains as BSE Sensex moved up by 367 points. On Wednesday, one more time Sensex opened on a positive note and post strong opening it comfortably trading above 59,900 resistance level.

Sensex forms long bullish candle
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Sensex forms long bullish candle

Stock Picks

- ASIANPAINT: Above Rs3,525 with a target of Rs3,560 and Stop loss of Rs3,490. The stock is in upward trending channel and has given the breakout

- HAL: Above Rs1,276 with a target of Rs1,288 and Stop loss of Rs1,264. It has support of 8 and 40 EMA

- ADANIGREEN: Above Rs1,404 with a target of Rs1,418 and Stop loss of Rs1,390. The stock is in upward trending channel and is on the verge of a breakout

- KAJARIACER: Above Rs1,323 with a target of Rs1,336 and Stop loss of Rs1,310. It has a support of 8 EMA

- BAJAJHLDNG: Above Rs5,377 with a target of Rs5,430 and Stop loss of Rs5,324. It has reversed from the support of 8 EMA

(Source-CapitalVia)

Mumbai: The benchmark indices extended gains as BSE Sensex moved up by 367 points. On Wednesday, one more time Sensex opened on a positive note and post strong opening it comfortably trading above 59,900 resistance level.

Among sectors, banking and financial stocks again took the leadership rallied over two per cent. While after a long-time profit booking was seen in IT stocks. Technically, direction wise, the market is in to the strong uptrend and maintained breakout continuation formation on daily as well as intraday charts, but now 60,500 would act as an important hurdle for the traders.

"Due to over stretch rally, profit booking near 60,500 is not ruled out. For trend following traders, now 59,900 would be the trend decider level. Above the same bullish formation will continue up to 60,350-60,500," says Shrikant Chouhan, head (equity research-retail), Kotak Securities.

On the other side, trading dismissal of 59,900 could possibly open correction wave till 59,700-59,500, he said. Contra traders, can take contra bet near 60,500 with strict 60,650 resistance stop loss, he added.

Kumud Das
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