Nifty ended slightly higher while the Sensex experienced a small decline. The metal sector rallied significantly, while there was profit booking in the PSU Bank index, leading to a decrease in its value.
The technical analysis indicates that the market experienced range-bound activity near the 10-day Simple Moving Average (SMA) on daily charts. Small bearish candles were formed, indicating a potential bearish sentiment. Additionally, intraday charts showed consistent selling pressure at higher levels, suggesting caution among investors.
For day trading or any investment decisions, it is essential to rely on the most up-to-date and accurate information. Day traders should use real-time data, technical indicators, and follow the latest market analysis to make informed decisions.
Titan
BUY | CMP: Rs 3,030 | TARGET: Rs 3,180 | SL: Rs 2,970
Titan witnessed a gradual decline from the higher levels in the past few sessions. However, the downside seems to be restricted and recent sloping channel breakout formation along with incremental volume activity suggests an uptrend from the current levels.
Mahindra & Mahindra
BUY | CMP: Rs 1,566 | TARGET: Rs 1,640 | SL: Rs 1,530
For the last few weeks, Mahindra & Mahindra was stuck in a range bound movement and presently we witnessed a range breakout on the daily scale. Moreover, the closing above its resistance zone along with decent volume activity suggests that the counter has good potential for further upside in the near future.
Bata India
BUY | CMP: Rs 1,703.95 | TARGET: Rs 1,790 | SL: Rs 1,670
Bata India is trading into a rising channel pattern after reversal from the lower levels and forming the higher lows series continuously on the weekly scale. The strong bullish engulfing candlestick pattern on the daily chart suggests that the counter is likely to maintain bullish continuation formation in the coming horizon.
NMDC
BUY | CMP: Rs 112 | TARGET: Rs 118 | SL: Rs 109
After the sharp up move, NMDC witnessed selloff and dropped to the lower side. However, it has found support near the important retracement zone. As a result, the bullish trend is very likely to continue for further up move in the near term.
