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Short-term trend still on weak side

57.35K will be the important support level; For day traders, above 57.35k support level, the index could move up to 58,150-58,300; below it, bright chance of hitting 57,200-57,100

Sensex forms long bullish candle
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Sensex forms long bullish candle

Stock Picks

- NAVINFLOUR: Above Rs4,060 with a target of Rs4,160 and Stop loss of Rs4,000. The stock is in upward trending channel and has reversed from the support of 8 and 40 ema.

- OIL: Above Rs240 with a target of Rs246 and Stop loss of Rs235. It has support of 8 and 40 EMA.

- MARUTI: Above Rs8,800 with a target of Rs8,950 and Stop loss of Rs87,400. The stock is in upward trending channel and is on the verge of a breakout.

- SRF: Above Rs2,550 with a target of Rs2,570 and Stop loss of Rs2,530. It has a support of 8 &40 EMA.

- PIIND: Above Rs2,685 with a target of Rs2,715 and Stop loss of Rs2,650. It has support of 8 EMA.

(Source: CapitalVia)

Mumbai: The benchmark indices witnessed a short recovery. After a volatile trading session, NSE Nifty ends 25 points higher, while BSE Sensex gained by 94 points.

Technically, after the morning selloff the market witnessed sharp intraday recovery from the level of 57,050. On daily charts, the index has formed Hammer formation, which suggests indecisiveness between bulls and bears.

"We are of the view that, the short-term trend is still on the weak side, but due to temporary oversold situation market may consolidate. For the trades large trading range would be 57,200 to 58,300," says Shrikant Chauhan, head (equity research-retail), Kotak Securities.

For the day traders, 57,350 would be the important support level, above which the index could move up to 58,150-58,300. On the other side, below 57,350 the chances of hitting 57,200-57,100 would turn bright, he said.

In the late afternoon session, Indian equity markets remained sluggish. The BSE Mid cap and Small cap indices, as well as the broader indices, were trading in the red. The VIX in India was down more than 2 per cent, an analyst said.

E-way bill generation for goods transportation under the goods and services tax (GST) system amounted at 6.88 crore in January, down four per cent from the previous month, showing some slack in trade due to the spread of the Omicron form of Covid, according to a private report.

Kumud Das
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