Try to be stock specific in market
- HDFCBANK - Above 1600 with a target of 1625 and Stop loss of 1580. It has reversed from the support of upward trending line.
-DMART - Above 3180 with a target of 3250 and Stop loss of 3135. It has a support of 8 and 40 DMA.
- COFORGE - Above 2700 with a target of 2750 and Stop loss of 2665. It is an upward trending channel and on the verge of a breakout.
- CUB - Above 184 with a target of 192 and Stop loss of 175. It has a support of 8 and 40 DMA.
- FINPIPE - Above 650 with a target of 665 and Stop loss of 638. It has reversed from the support of 8 EMA.
Mumbai: It was the busiest day for the market. The broad support of all sectors in the market clearly shows that it will not be difficult for Sensex to cross the previous high of 52,517. Today, the market has taken a strong lead and closed at the highest point of the day, with support for Tuesday's continuity formation.
Technically, the Sensex is recovering from a corrective pattern and traders need to be cautious in the market. The Sensex may remain range-bound between the levels of 51,800 to 51,000 on the closing day of the weekly period of options contracts.
"The Sensex may move to the level of 54,200 in the next few days or weeks on the decisive dismissal of the level of 52,520. On Thursday try to be stock specific in the market," says Shrikant Chouhan, EVP, equity technical research at Kotak Securities.