Short-term market outlook is positive

Mumbai, Nov 18

Today, the benchmark indices witnessed profit booking at higher levels. The Sensex was down by 278 points. Among sectors, almost all the major sectoral indices experienced selling pressure at higher levels, but the Realty index lost the most, shedding 1.95 per cent.

Technically, after a muted opening, the market corrected sharply. On daily charts, it has formed a bearish candle, indicating further weakness from the current levels. However, the short-term market outlook remains positive.

“We are of the view that the 20-day SMA (Simple Moving Average) at around 84,500 and 84,300 would act as key support zones for traders,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.

As long as the market is trading above these levels, the positive trend is likely to continue. On the higher side, 85,000 would be the immediate resistance zone for the bulls. A breakout above 85,000 could push the market up to 85,300-85,500.

Conversely, a break below 84,300 could change the sentiment. Below this level, the market could slip till 84,000-83,800.

Stock Picks

Bharti Airtel – Buy | CMP: ₹2,149.20 | SL: ₹2,090 | Target: ₹2,220 / ₹2,260

Bharti Airtel remains in a strong uptrend with consistent higher-high formations. The stock is holding firmly above its 20-DMA, indicating healthy trend strength. RSI is hovering in the bullish zone, signalling continued momentum. A breakout above ₹2,165 may accelerate the move toward ₹2,220 and ₹2,260. Maintain SL at ₹2,090.

Axis Bank – Buy | CMP: ₹1,265.40 | SL: ₹1,235 | Target: ₹1,305 / ₹1,330

Axis Bank is showing steady recovery after retesting its support zone near ₹1,235. The price is stabilizing above key moving averages, and the chart structure indicates renewed buying interest. RSI is turning up, supporting a positive bias. A sustained move above ₹1,275 can trigger upside toward ₹1,305 and ₹1,330. SL at ₹1,235.

(Source_Riyank Arora Technical Analyst at Mehta Equities)

EoM.