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Range-bound activity likely in near future

For the traders, 53,800-53,500 would act as important support levels. On the flip side, 56,400-56,700 could be the immediate resistance level for the bulls and buy on dips, sell on rallies would be the ideal strategy for the day traders

Range-bound activity likely in near future
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Range-bound activity likely in near future

Stock Picks

- JINDALSTEL: Above Rs472 with a target of Rs490 and Stop loss of Rs460. The stock is in positive momentum and is at the support of 40 EMA.

- NAZARATEC: Above Rs1850 with a target of Rs1880 and Stop loss of Rs1820. It has a support of 8 EMA and has given a breakout in smaller time frame.

- JUBILANT PHARMOVA: Above Rs427 with a target of Rs445 and Stop loss of Rs415. It is at the support of 8 EMA.

- ASTRAL: Above Rs1950 with a target of Rs1975 and Stop loss of Rs1930. It has reversed from the recent support zone.

- ADANITRANSMISSION: Above Rs2307 with a target of Rs2335 and Stop loss of Rs2270. It has reversed from the support of 8 EMA.

(Source: Capital-Via)

- For the traders, 53,800-53,500 would act as important support levels. On the flip side, 56,400-56,700 could be the immediate resistance level for the bulls and buy on dips, sell on rallies would be the ideal strategy for the day traders

- Investors are advised to avoid new positions till the situation between Russia & Ukraine is normalized

Mumbai: The benchmark indices continued positive momentum for three days in a row, the BSE Sensex was up by 817 points. Among Sectors, pullback rally continued in banking, financial, FMCG and reality stocks whereas some profit booking was seen in selective oil, gas and IT stocks.

Technically, after a gap-up opening the market witnessed some profit booking near the important resistance level of 56,400. Another important point is, in last three trading session the BSE Sensex rallied nearly 4000 points.

"We are of the view that, the short-term formation is still in to the positive side, but due to temporary overbought situation the market is likely to consolidate in the range of 53,800 to 56,400," says Shrikant Chauhan, head of equity research (Retail), Kotak Securities.

For the traders, now 53,800-53,500 would act as important support levels. On the flip side, 56,400-56,700 could be the immediate resistance level for the bulls. The texture of the market indicating strong possibility of range bound activity in the near future, hence buy on dips and sell on rallies would be the ideal strategy for the day traders, he added.

"Markets today were driven majorly by Election results across various states. Today post markets Russia-Ukraine are to held talks which will have major effect on markets tomorrow," Rahul Sharma of Equity 99 says.

Also Bank Nifty will be in focus tomorrow as Feb month Deposit growth and Bank loan growth data will be declared. Investors are advised to still avoid taking new position till the situation between Russia & Ukraine are normalized, he added.

Kumud Das
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