Bizz Buzz Bureau
Mumbai
Thebenchmark indices continued their positive momentum, with the Nifty ending 97 points higher and the Sensex rising by 347 points. Among sectors, the Defence index outperformed, rallying 3.85 percent, whereas intraday profit booking was observed in selective Auto and Reality stocks. Technically, on daily and intraday charts, the market is holding an uptrend continuation formation, which is largely positive.
“We are of the view that the short-term market outlook remains positive, and for trend-following traders, 77,000 would act as a key support level,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.
Above this, the market could rally to 77,500-77,800. On the flip side, if the market falls below 77,000, we could see an intraday correction. Below this level, the market might retest the levels of 76,700-76,500.
JSW ENERGY LIMITED |TRADE-BUY: Rs576 | STOP-LOSS: Rs536 | TARGET: Rs616
Price is at the verge of breaking out the retest of the breakout of weekly W pattern, with strong move on daily chart trying to close above the monthly pivot point and DEMA 20. RSI at 54 also confirms a bullish strength in the price.
YES BANK LIMITED | TRADE-BUY: Rs24.55 | STOP-LOSS: Rs21.91 | TARGET: Rs27.11
Price has broken out from a 52 week high levels with very strong momentum, and shows strong signals of upside, but it is always wise to wait for a pullback for a counter like yes bank. The weekly structure gives clearer picture and understanding of the structure, with RSI above 70 on daily chart gives more conviction of bullishness.
(Source: Adib Noorani, an independent market expert)