Strategy should be to buy on dips
- BALKRISIND_Above 1690 with a target of 1720 and Stop loss of 1665. It is trading in a sideways channel and on the verge of a breakout.
- DALBHARAT_Above 1605 with a target of 1650 and Stop loss of 1580. It has a support of 8 and 40 DMA.
- CIPLA_Above 925 with a target of 945 and Stop loss of 910. It is an upward trending channel and on the verge of a breakout.
- CADILAHC_Above 513 with a target of 530 and Stop loss of 495. It has a support of 8 EMA.
- EMAMI_Above 531 with a target of 545 and Stop loss of 516. It has reversed from the support of 8 EMA.
Mumbai: Today, the market after hovering around 48,000 levels surged above 48,600, which is positive for the market. On the day of the weekly expiry of index options, the Sensex closed at the highest point of the day.
For the second time the Sensex managed to close above the levels of 48,550. By forming the formation of bullish continuation on a daily basis, the market has opened the possibilities of hitting 50,100, where it has resistance of upward barrier of the rectangle consolidation.
The lower boundary of the trading range is at 47,690 levels. The bank-nifty also closed at the highest point of the day due to unusual strength in private banks. The value buying emerged in Technology companies and select stocks closed at the highest point of the day.
"On Friday the strategy should be to buy on dips. The buying range should be up to 48,600. Keep a final stop loss at 48,000 for the same," says Shrikant Chouhan, EVP (equity technical research), Kotak Securities.