By Riyank Arora
On Tuesday, the benchmark index opened with a gap up of around 98 points and fell nearly 122 points towards the closing. The Nifty ended 23 points lower, while the Sensex was down by 58 points. Among sectors, the Nifty Auto Index led the fall, with the Metal stocks performing well, trading positively.
Media stocks witnessed significant profit booking in Tuesday’s session. Technically, the market is trading well above its support level of 22,600. The major resistance lies at 22,800 levels. Overall, the trend remains positive as we trade above the minor support mark of 22,700 as well.
Stock Recommendations:
MCX BUY | CMP: 3732.10 | TARGET: 3900.00 | SL: 3700.00
The stock has given a falling wedge breakout on its daily charts, indicating good signs of momentum and strength.
With the RSI (14) on daily charts near 65, the momentum looks strong, and the stock seems poised for an upside towards 3900 and above, with a set stop loss at the 3700 mark.
Indigo BUY | CMP: 3634.00 | TARGET: 3800.00 | SL: 3575.00
The stock has touched a major resistance zone of 3630-3645 on its daily charts. With the volumes in Tuesday’s session showing signs of momentum pickup and strength.
The RSI (14) on daily charts near 65, momentum is indicating strong signs of an up-move towards the target of 3800 and above, with a set stop loss at the 3575 mark.
Vedanta Ltd. BUY | CMP: 338.00 | TARGET: 375.00 | SL: 327.00
The stock has touched a major resistance mark of 337-340 on its daily and weekly charts. With the stock showing good signs of momentum and strength, and the RSI (14) on daily charts around 79, momentum is strong, and the stock is looking poised for a strong up-move towards 375 and above, with a set stop loss at the 327 mark.
(Riyank Arora, Technical Analyst, Mehta Equities. Views expressed are author’s own. Please consult your financial advisor before investing.)