Wait for further uptrend
On the last day of March monthly F&O expiry series, the benchmark indices bounced back sharply. The Sensex was up by 346.
Markets begin 2024 on flat note
Mumbai: On the last day of March monthly F&O expiry series, the benchmark indices bounced back sharply. The Sensex was up by 346.
Among sectors, all the major sectoral indices were traded in the green, but PSU bank index outperformed, rallying over 3 per cent. “Technically, after 57,850 range breakout, the market intensified the positive momentum. A promising reversal formation and long bullish candle on daily charts indicate further uptrend from the current level,” says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities. For the bulls now, 57,700 would act as a trend decider level. Above which, the index could move up to 5,300-5,500. On the flip side, below 57,700 uptrend would be vulnerable. Below the same, traders may prefer to exit out from the trading long positions.
Stock Picks
m IndusInd Bank: On an hourly basis, this banking stock is showing W -shaped recovery. For the past two days, the stock is closing on a positive note with good volumes. Break above 1050 could lead prices in north direction towards 1120-1150 levels as long as 1000 level is protected on downside.
m JBM Auto: Since two consecutive sessions, the doji candle stick pattern is seen on closing basis. Which means the stock is for now consolidating near 630-650 levels. Breakout seen near 650 levels which would allow prices to move towards 700 or higher levels. As per ichimoku cloud, prices are well placed above the green cloud and base-conversion line indicates positive trend. On the downside, 570 seems to act as stop loss.
(Source- Ravi Gangan, Technical Trader, Mehta Equities).
