Short-term outlook is positive

Mumbai, Nov 13

Today, the benchmark indices witnessed profit booking at higher levels. The Sensex was up by 12 points. Among sectors, the Infra index was up by 0.50 per cent, whereas the Défense and Digital index lost the most, shed nearly 1 per cent.

Technically, after a promising uptrend rally, the market witnessed some profit booking at higher levels. However, the short-term outlook remains positive.

For traders, the 20-day SMA (Simple Moving Average) at 84,200 would act as a crucial support zone.

“As long as the market is trading above this level, the bullish momentum is likely to continue,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.

On the higher side, 85,000 would act as an immediate resistance zone for the bulls. A successful breakout above 85,000 could push the market up to 85,300.

On the flip side, if the market falls below the 20-day SMA at 84,200, it is likely to retest the levels of 84,000-83,700.

Stock Picks

Hindalco – Buy | CMP: ₹811 | SL: ₹785 | Target: ₹850 / ₹870

Hindalco is trading with a positive bias, showing consistent strength above its key support zone near ₹785. The stock has formed a higher-low pattern on the daily chart, indicating trend continuation. RSI is trending upward, signaling healthy momentum. A sustained move above ₹815 could push prices toward ₹850 and ₹870. Traders can consider buying on dips while maintaining a stop-loss at ₹785.

ICICI Bank – Buy | CMP: ₹1,385 | SL: ₹1,350 | Target: ₹1,440 / ₹1,460

ICICI Bank continues to maintain a strong structure, comfortably trading above its short-term moving averages. The stock is witnessing steady accumulation, with RSI confirming bullish momentum. A decisive close above ₹1,390 could trigger a move toward ₹1,440 and ₹1,460. Traders should look to buy on minor declines, keeping a stop-loss at ₹1,350 for effective risk management.

(Source_Riyank Arora Technical Analyst at Mehta Equities)

EoM.