Wait for range-bound activity in near future
Markets are likely to stay range-bound in the near term, with limited volatility as investors await clearer global cues, earnings signals, and macro trends.
Wait for range-bound activity in near future
Mumbai, Nov 07
In the last truncated week, the Sensex was down by 722 points. Among sectors, the Media index lost the most, shedding over 3 per cent, whereas Capital Market and PSU Bank indices outperformed rallied over 2 per cent.
During the week, the market breached the crucial support zone of 83,900, and post-breakdown, selling pressure intensified. However, last Friday, the market registered some recovery from the lower levels.
Technically, on weekly charts, it has formed a bearish candle and is currently trading comfortably below the 20-day SMA (Simple Moving Average) support zone, which is largely negative.
“We believe that the short-term market outlook remains weak, but due to temporary oversold conditions, we could see range-bound activity in the near future,” says Amol Athawale, VP – Technical Research.
For traders, the support zone of 82,600-82,400 would be promising, while 83,600-83,900 could act as key resistance levels for the bulls. A successful breakout above 83,900 could push the market to 84,200-84,500. On the other hand, if the market slips below 82,400, it could retest the levels of 81,700-81,500.says Shrikant Chouhan, Head - Equity Research, Kotak Securities.
Stock Picks
Orkla India – Buy | CMP: 707 | SL: 670 | Target: 825 / 850
Orkla India, a recently listed IPO, is showing promising strength with early signs of accumulation. Despite limited trading history, the stock displays steady price action and strong investor interest. A move above 710 could extend the rally toward 825 and 850. Traders can consider buying on dips while maintaining a stop-loss at 670.
Ixigo – Accumulate | CMP: 279 | SL: 265 | Target: 300 / 315
Ixigo is consolidating near its support zone around 275, forming a base for the next leg higher. The trend remains constructive as long as it holds above 265. A breakout above 285 could lead to a rally toward 300 and 315. Accumulate gradually with a medium-term perspective.
(Source_Riyank Arora Technical Analyst at Mehta Equities)
EoM.
