Stock Market is largely positive

Mumbai: The benchmark indices bounced back sharply, with the Sensex up by 410 points. Among sectors, the Metal Index outperformed, rallied 3.10 per cent, whereas despite strong market momentum, intraday profit booking was seen in selective IT stocks. Technically, after a muted open once again, the market took support near 80,000 and bounced back sharply.

Shrikant Chouhan, Head - Equity Research, Kotak Securities, said: “On daily charts, it has formed a bullish candle, and on intraday charts, it is holding an uptrend continuation pattern, which is largely positive. For the bulls now, 80,700 would be the immediate resistance zone.

“A successful breakout above 80,700 could push the market towards 81,000–81,200. On the flip side, 80,200 and 80,000 would be key support zones for traders. However, below 80,000, the uptrend would become vulnerable. If the market falls below this level, traders may prefer to exit their long positions.”

STOCK PICKS

Jindal Steel | TRADE– BUY | CMP: Rs1028 | SL: Rs995 | TARGETs: Rs1,065-Rs1,085

Jindal Steel is showing strong momentum, holding above its crucial support near Rs1000. The stock has been forming higher highs, with RSI indicating sustained strength. A move above current levels can push it toward Rs1065–1085 in the near term. Defined support levels make this a favorable risk–reward setup for traders.

SAIL | TRADE– BUY | CMP: Rs129.68 | SL: Rs125 | TARGETs: Rs135-Rs140

SAIL is witnessing accumulation near its support zone around Rs125, maintaining a positive structure. The stock is consolidating with improving volumes, suggesting strength at lower levels. If it sustains above Rs130, upside levels of Rs135–140 are likely. Technical indicators point toward a bullish bias, offering a good buying opportunity with limited downside risk.

(Source: Riyank Arora Technical Analyst at Mehta Equities)