Sensex may open higher, but global cues weigh
- MINDTREE above 1475 with a target of 1515 and stop loss of 1445. It has formed a consolidation and has reversed from the support of 21 DMA.
- CROMPTON GREAVES above 342 with a target of 356 and stop loss of 330. It is trading in an upward trending channel.
- MUTHOOT FINANCE above 1220 with a target of 1245 and stop loss of 1199. It has formed a support of 21 and 55 DMA.
- VBL above 925 with a target of 950 and stop loss of 902. It has a formation of FLAG on the daily chart.
- DEEPAK NITRITE above 895 with a target of 910 and stop loss of 880. It has formed a support of 21 and 55 DMA.
Mumbai: Indian equities opened lower on Tuesday mainly due to decline in heavy weights like RIL, ICICI Bank, HUL, and TCS, but witnessed buying in financial stocks like HDFC Bank, HDFC, twin Bajaj stocks that lifted the market sentiments for markets to close notch higher from Monday's close. However, S&Ps revision in India's real GDP growth to negative 7.7 per cent for year ending March 2021 reflects faster-than-expected recovery, improved the sentiments on the street.
Markets are still in consolidation mode. Sensex to open higher on Wednesday, however global cues to impact the opening," says Nilesh Karani, VP, Magnum.
Sensex to witness uptrend if sustain above 46,630 mark for target of 46,740-750 levels and next 46,830-870 levels and next 46,910-50 levels, he added. If Sensex sustains above 46,950 levels than could see further up trend for target 47,150-200 levels.
On the flipside, Sensex may see immediate support near 46,450 levels. A fall below that will lead to selling with next support near 46,200-200 levels and next near 46100-120 mark & next 46k psychological mark. If it falls below 46k, markets will witness deep correction.