Home Market Market Tomorrow: Trading ideas for Thursdays session

Market Tomorrow: Trading ideas for Thursdays session


The Sensex on Friday rose by nearly 267 points to hit a near two-week high of 35,645.40 on bouts of buying towards the fag-end of the session, mainly in bank and auto shares, after the Centre hiked MSP for most kharif crops, PTI reported.

The benchmark index moved in a narrow range for most part of the day due to weak global cues amid concerns related to trade tariff spat and macro-economic conditions but the late buying in some key sector stocks helped the Sensex come out of range-bound trading.

“Looking at the charts from June 10-12, the Nifty didnt moved higher on two successive days. It has done so yesterday and today. So when you have two higher highs and two higher lows you could probably tag that as a kind of a swing change. Now a swing change remains in force until that gets reversed. So that will also require a similar pattern to come about and it will not happen in with just a flick of the trend,” said CK Narayan, Founder of Chart Advise.

“My expectations are that 10,820 will certainly come in for a challenge and if the breadth can be maintained and if the heavyweight stocks as they have moved today, Reliance, HDFC Bank, HDFC itself, Hindustan Lever, if all these are in play tomorrow or particularly some of the banks and IT stocks get into a further act I think the chances are pretty fair that the up move should continue,” Narayan added.

Here are trading ideas for Thursdays session by Manas Jaiswal of Manas Jaiswal Technical Research Group.

Maruti Suzuki
On the short term charts the stock has given a clear breakout above Rs 9,000. After todays move you can expect the target of around Rs 9,450. So here one can create long positions with the stop loss of Rs 9100.

Max Financial

Short-term trend is weak because the stock is making lower tops and lower bottoms and today it broke the support of Rs 817 on the medium term charts so the possibility is high that you may see some more weakness. The target would be around Rs 395 and the stop loss should be Rs 415.

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