Take level-based trading approach
TODAY has been a volatile day. If we calculate the intraday variation, the Sensex moved up and down by 2,200 points. On a daily basis, the market has formed an indecisive pattern and based on that upward activity is not ruled out.
Market retreats for 2nd day on negative global cues
Stock Picks
- CIPLA - Above 842 with a target of 855 and Stop loss of 832. It is trading in a sideways channel and has recently breached an important resistance level.
- INFOSYS - Above 1425 with a target of 1445 and Stop loss of 1405. It has a support of 8 and 40 DMA.
- HCLTECH - Above 1040 with a target of 1072 and Stop loss of 1020. It is an upward trending channel and on the verge of a breakout.
- ADANIGREEN - Above 1210 with a target of 1240 and Stop loss of 1185. It has a support of 8 and 40 EMA.
- APOLLOHOSP - Above 3015 with a target of 3065 and Stop loss of 2980. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
Mumbai: TODAY has been a volatile day. If we calculate the intraday variation, the Sensex moved up and down by 2,200 points. On a daily basis, the market has formed an indecisive pattern and based on that upward activity is not ruled out.
On that basis, levels of 49,600 and 49,700 will be important. If the level of 49,700 is decisively crossed, the Sensex can jump up to 50,100. If it goes below 48,800, then the Sensex could drop to 48,550 and 48,350 levels.
Tomorrow is an important day for the market and a level-based trading approach should be followed," says Shrikant Chouhan, EVP (equity technical research), Kotak Securities. For the Bank-Nifty, 32,250 and 32,700 should be the trading range. Expect trending activity above and below the given levels. Be stock specific in the market, he added.
