Sensex may rally further to cross 45,750 mark

Stock Picks

• IGL- above 489.50 with a target (TGT) of 505 and stoploss (SL) of 473.70. It has a support of 21 and 55 MA and is moving in a consolidated channel.
• IPCALAB-above 2300 with a TGT of 2350 and SL of 2250. It has a support of 21 and 55 MA
• HDFCLIFE-above 655 with a TGT of 663 and SL of 647. It has formed an inverse head and shoulder in the short term and could give a breakout above given levels
• AMBUJA CEMENT-above 259 with a TGT of 265 and SL of 253. It has a support of 55 DMA.
• HEG- above 860 with a TGT of 875 and SL of 848. It is trading in an upward moving channel.

Mumbai: Indian equities scaled new record high on Tuesday, Sensex closed at 45608 mark off days High, PSU Banks witnessed rally as majority of Lenders are making a beeline to raise capital and prepare for adversities in a year of expected credit growth amid the uncertainties as situation signalling green shoots & capital to tide over the covid-19-led crisis. IT stock and Pharma witnessed buying in Yesterday's session.

"Markets are still strong & bullish but levels are too high consolidation or sideways movement or minor correction cannot be ruled out," says Nilesh Karani, VP, Magnum.

However, Sensex may rally further once crosses and sustains 45,750 mark for target on upside near 46,000 levels, with resistance near 45,830-850 levels & 45,920-940 levels. On the flipside, Sensex would see immediate support near 45,400-440 levels & next 45,200-250 levels, If Sensex sustains below 45,200 mark would witness selling with immediate support near 45K levels & next 44800-850 levels.

(Source- CapitalVia)