Trade as per the given levels

Mumbai, Aug 13

After the volatile activity of the last 4 days, the market took a breather today. Sensex gained 300 points. Across sectors, intraday buying was seen in pharma, healthcare and Defense stocks, while select PSU banks and FMCG stocks witnessed profit booking at higher levels.

Technically, after an initial intraday corrective trend, the market reached 80,700 levels; however, it failed to sustain that level and closed marginally above the opening levels.

“The activity is indicating indecisiveness; however, the positive thing is that it closed above the 10-day EMA, which could pull the market towards the 20-day SMA, which is at 81,200”, says Shrikant Chouhan, Head - Equity Research, Kotak Securities.

Support is present at 80,300, below which it could gradually decline to 80,000 or 79,800 levels. It is advised to trade as per the given levels.

Stock Picks

Venus Pipes – Buy | CMP: ₹1336 | SL: ₹1275 | Target: ₹1450 / ₹1500

Venus Pipes has maintained a strong uptrend, forming higher highs and higher lows on the daily chart. The stock has sustained above key moving averages, indicating solid underlying strength. Volume action supports the recent breakout, while RSI continues to trend positively without entering the overbought zone. Holding above ₹1336 can lead to further gains toward ₹1450 and ₹1500. Traders can consider fresh longs with a stop-loss at ₹1275 for a favorable risk–reward setup.

BSE Ltd – Buy | CMP: ₹2496 | SL: ₹2380 | Target: ₹2700 / ₹2800

BSE Ltd has resumed its upward momentum after consolidating near the ₹2400–₹2450 zone. The stock is trading well above its short- and medium-term moving averages, reflecting strong bullish sentiment. The breakout is supported by healthy volumes, and RSI indicates scope for further upside. Sustaining above ₹2496 can drive prices toward ₹2700 and ₹2800 in the short term. A stop-loss at ₹2380 is suggested to manage risk effectively while targeting higher levels.

(Source_Riyank Arora Technical Analyst at Mehta Equities)

EoM.