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Sensex forms bullish continuation pattern

On the day of the monthly expiry of F&O contracts, the stock market closed just below the crucial resistance of 52,800 points. However, the broader market remained strong and the BSE Sensex has formed a bullish continuation formation.

Bulls take control, but caution at 53,200 resistance level
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Bulls take control, but caution at 53,200 resistance level

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Mumbai: On the day of the monthly expiry of F&O contracts, the stock market closed just below the crucial resistance of 52,800 points. However, the broader market remained strong and the BSE Sensex has formed a bullish continuation formation.

Based on it, we can see the 53,750 level in the near term and the level of 52,300 would act as final stop loss for long positions.

"The index giant Reliance industries closed at the lowest point of the day, while other heavyweights like Infosys and TCS closed at the highest point of the day. The Bank Nifty also managed to close above the levels of 34,800 points, which is positive for the broader market," says Shrikant Chouhan, EVP (equity technical research), Kotak Securities.

Stock Pick

- APLAPOLLO_Above Rs1,650 with a target of Rs1,720 and Stop loss of Rs1,580. It is trading in a Strong uptrend and is on the verge of a breakout.

- AARTIIND_Above Rs876 with a target of Rs895 and Stop loss of Rs860. It has support of 8 and 40 EMA.

- THYROCARE_Above Rs1,400 with a target of Rs1,440 and Stop loss of Rs1,365. The stock is in upward trending channel and is on the verge of a breakout.

- TITAN_Above Rs1,790 with a target of Rs1,815 and Stop loss of Rs1,765. It has a support of 8 EMA.

- KAJRIACER_Above Rs990 with a target of Rs1,020 and Stop loss of Rs960. It has reversed from the support of 8 EMA.

(Source-CapitalVia)

Kumud Das
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