Indian markets ended the July expiry session marginally higher following a highly volatile session in the previous session. For the July series, the index ended trade on a flat note as it failed to break out of the key hurdle placed at 15,900-15,950.
Going ahead, if bulls manage to take the index beyond the immediate resistance of 15,830-15,840, a short covering rally could take the index to levels of 15,915-15,950, which has been acting as a stiff hurdle to breach. However, failure to keep its head above 15,830 could resume the choppy trading sessions dragging the index lower to levels of 15,700-15,660.
Equity recommendation
SBI: BUY
- CMP: Rs 441
- Target: Rs 465
- Stop loss: Rs 428
The stock has resumed uptrend after breaking out of a narrow consolidation phase and trendline resistance on good volumes. Technical indicator RSI is turning upwards beyond the 60-level, suggesting extended upside in the stock.
Nation Aluminium: BUY
- CMP: Rs 93
- Target: Rs 100
- Stop loss: Rs 89
The stock has broken out of a trendline resistance on good volumes, triggering resumption of the uptrend. Further, RSI has also turned upwards above the 60 level, confirming bullishness.
(Aditya Agarwala is Senior Technical Analyst, YES Securities. Views are his own.)
