Domestic benhcmark indices BSE Sensex and NSE Nifty ended higher on Wednesday on account of mild buying in PSU, IT and pharma counters. Sensex closed nearly 70 points, or 0.25 per cent, up at 28059.94, while Nifty index settled 17.70 points up at 8,650.30. Equity markets are likely to remain volatile on account of F&O expiry on Thursday. In the Nifty 50-space, Aurobindo Pharma, Tata Power, Maruti Suzuki, Cipla and Zee Entertainment stood among top gainers on Wednesday. However, Idea Cellular, Lupin, Ambuja Cement, Tata Motors DVR and Tata Steel remained among top losers in the Nifty 50 space.
Sacchitanand Uttekar, equity technical analyst, Motilal Oswal said, “Occurrence of a ‘Bullish Hammer’ within the strangled range raises the expectation of a move towards the upper end. Directional bias could unfold only on a breach outside the trading range 8,720-8,530. A decisive close above 8,720 could reinstate the bullish momentum, therefore longs are advised with a stop below 8,530.” The technical analyst is bullish on stocks such as IndusInd Bank, Emami, Jain Irrigation, KPIT Technologies.
Technical calls by Sacchitanand Uttekar
IndusInd Bank (Buy)
Current market price: Rs 1,181, Target Price: Rs 1,255, Stop Loss: Rs 1,168
Why Buy: Fresh breakout from continuation pattern coupled with Rising Three formation on daily scale
Current market price: Rs 83, Target Price 93, Stop Loss: Rs 80
Why Buy: Rounding bottom formation on the weekly scale raises the expectation of a sequential trend
Current market price: Rs 1,137, Target Price 1,360, Stop Loss: Rs 1,110
Breakout from the continuation pattern on the weekly scale augurs well for secular upmove to remain intact
Current market price: Rs 135.40, Target Price 155, Stop Loss: Rs 127
Bullish Engulfing’ on the weekly scale raises expectation of a reversal in trend