Trading below 58.2K may trigger intraday correction
- TECHM: Above Rs1,462 with a target of Rs1,477 and Stop loss of Rs1,448.The stock is in upward trending channel and is on the verge of a breakout.
- SPARC: Above Rs297 with a target of Rs300 and Stop loss of Rs294. It has support of 8 and 40 EMA.
- TATAPOWER: Above Rs140 with a target of Rs142 and Stop loss of Rs138. The stock is in upward trending channel and has given a breakout.
- LAURUSLABS: Above Rs663 with a target of Rs670 and Stop loss of Rs657. It has a support of 8 EMA.
- NILKAMAL: Above Rs2,918 with a target of Rs2,948 and Stop loss of Rs2,889. It has reversed from the support of 8 EMA.
Mumbai: Bulls continue positive momentum, after a spectacular rally the nifty close at a record high level, says Shrikant Chouhan, EVP (equity technical research), Kotak Securities. The BSE Sensex on Wednesday opened with a strong note and in the late morning it was clear the important resistance of 58,500 points.
Post-intraday breakout confirmation it rallied nearly 300 points. The intraday index rally was largely supported by the Telecom and Oil and Gas stocks whereas despite strong market conditions, some profit booking was seen in selective FMCG stocks.
Technically, the Sensex short-term trend positive and post 58,500 range breakout, the index succeeded to closed above 58,690 which indicates strong possibility of continuation uptrend wave up to 58,950.
"Further uptrend may also continue which could lift the index up to 59,200. However, trading below 58,500 may trigger quick intraday correction up to 58,300-58,10," says Shrikant Chouhan, EVP (equity technical research), Kotak Securities.