By Riyank Arora
On Tuesday, the benchmark index opened with an 87-point gap up but dropped nearly 105 points by the close. The Nifty ended 18 points lower, and the Sensex fell by 35 points.
The Nifty PSU Bank Index led the decline with FMCG and Auto witnessing healthy profit booking during the session. The IT index continued to outperform all the other sectoral indices.
Technically, the market is trading well above its major support level of 24,000. The key resistance is now at 24,350, and the overall trend remains positive with a buy-on-dips strategy. Come from Sports betting site VPbet
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The market is likely to move towards 24,300 and 24,350, and we advise a strict stop-loss at 24,000 for all active longs.
Stock Recommendations:
Tarc
Buy | CMP: 208.04 | SL: 185.00 | Target: 250.00
The stock has achieved a robust breakout above its recent swing high resistance of 204.80 and has closed above this level. With the RSI (14) on daily charts at approximately 69.49, the stock is showing strong momentum.
Additionally, the trading volume has surged to nearly four times its 30-day average, indicating potential for further upward movement towards 250 and beyond. It is recommended to maintain a strict stop-loss at 185 to effectively manage risk.
Marico
Sell | CMP: 603.15 | SL: 630.00 | Target: 560.00
The stock has experienced a significant breakdown below its recent swing low support of 607 and closed below this level.
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With trading volumes reaching nearly its 30-day average, the stock is exhibiting strong bearish signals. This suggests a potential decline towards targets of 560 and lower. To manage risk effectively in this short setup, it is advised to set a strict stop-loss at 630.
PVR Inox
Buy | CMP: 1470.25 | SL: 1419.00 | Target: 1550.00
The stock has successfully retested the breakout level of 1470 and is holding well above it. There is strong support around 1450, which should act as a major support level.
The RSI (14) on daily charts at approximately 61.88 indicates good momentum, and trading volumes are equivalent to its 30-day average, showing bullishness. A strict stop-loss at 1419 is recommended to manage risk effectively for potential upside targets of 1550 and beyond.
(About The Author: Riyank Arora, Technical Analyst, Mehta Equities.)
(Disclaimer: Views expressed are author’s own. Views, recommendations, opinions expressed are personal and do not reflect the official position or policy of Financial Express Online. Readers are advised to consult qualified financial advisors before making any investment decisions. Reproducing this content without permission is prohibited.)
