Stay stock specific
- EICHERMOTOR - Above 2685 with a target of 2720 and Stop loss of 2650. It is an upward trending channel and on the verge of a breakout.
- GODREJIND - Above 513 with a target of 527 and Stop loss of 501. It has a support of 8 EMA.
- INDIGO - Above 1700 with a target of 1740 and Stop loss of 1680. It is an upward trending channel and is reversed from the support of 8 and 40 EMA.
- SRTRANSFIN - Above 1330 with a target of 1350 and Stop loss of 1310. It has a support of 8 and 40 DMA.
- VBL - Above 1016 with a target of 1038 and Stop loss of 997. It has reversed from the support of 8 EMA.
Mumbai: Indian stock indices began cautiously due to weakness in global peers. In early transactions, markets are trading flat with a bullish bias. During the late morning session, Indian stock indexes regained all of their losses and returned to positive territory. In the late afternoon session, local stock indexes were trading in the red, with drops of more than half a percent. Finance Minister Nirmala Sitharaman told Parliament that the Reserve Bank of India is strengthening its regulatory and supervisory power, and she expressed hope that these moves will prevent potential regulatory mishaps. The market has once again recovered strongly. The market is not ready to give up easily.
The uptrend from 49,800 stopped directly at 50,500. If the Sensex goes into an improper correction, there could be severe short covering above 51,000 levels and in that case, again the possibilities of hitting 51,650/51,850 would turn bright. "It would be better if we stay stock-specific until then. If the market goes down again, 49,800/50,000 would be the best support," says Shrikant Chouhan, EVP, equity technical research at Kotak Securities.