Stock Market Today: The Indian stock market kicked off the week with a strong start, as both the BSE Sensex and NSE Nifty50 closed higher on Monday. Thanks to significant buying in healthcare and financial stocks, the Sensex gained 341.04 points, closing at 74,169.95, while the Nifty50 surged 111.55 points to end at 22,508.75.
Despite this bullish momentum, uncertainty around trade tariffs continues to keep investors cautious. The market formed a bullish candle on intraday charts, indicating that as long as the Nifty remains above 22,350 and Sensex above 73,800, positive sentiment is likely to prevail. However, a break below these levels could change the market direction.
ITC: A Key Resistance at ₹415
One of the most-watched stocks in the market, ITC, is currently consolidating between ₹400-₹415, with its latest trading price hovering around ₹408. According to analysts at Anand Rathi, the ₹415 mark aligns with the R3 Camarilla resistance level, making it a crucial point for traders.
If ITC manages to close above ₹415, it could trigger an upward move towards ₹430. However, if the stock fails to breach this resistance, it might see a pullback to ₹400. Given this scenario, experts suggest adopting a wait-and-watch approach until a decisive breakout or breakdown occurs. Traders should closely monitor price action before making any significant moves.
BEL: Overbought, But a Pullback Could Offer an Opportunity
Bharat Electronics Ltd (BEL) has been on a strong rally, gaining 20% from its ₹239 low and now trading around ₹280. While this surge reflects strong buying interest, analysts believe the stock is now in an overbought zone. A possible pullback towards ₹265 could provide a better entry point for long-term investors.
Market experts advise waiting for some consolidation and base formation before jumping in. A confirmed price action around ₹265 could offer a good risk-reward opportunity for those looking to accumulate BEL at more favorable levels.
Kotak Mahindra Bank: A Long-Term Bullish Trend With Near-Term Caution
Kotak Mahindra Bank has shown strength, trading above the Ichimoku cloud on the monthly chart, indicating a strong long-term bullish trend. However, the stock remains below the R4 Camarilla yearly pivot, which is acting as a resistance level.
Adding to the caution, the future Ichimoku cloud is red, signaling that near-term pressure may persist. Experts recommend booking profits near ₹2,000 while waiting for a clear monthly close above this level to confirm further strength. A sustained breakout above ₹2,000 would reinforce the uptrend and indicate strong momentum ahead.
Market Sentiment: What’s Next
With Nifty holding above 22,350 and Sensex above 73,800, the bullish momentum remains intact. However, the market is at a crucial juncture where key resistance levels could either trigger further rallies or lead to corrections. ITC’s breakout above ₹415, BEL’s potential pullback to ₹265, and Kotak Bank’s performance near ₹2,000 will be critical for traders and investors in the coming sessions.
While opportunities exist, patience and careful observation of technical indicators will be key in making informed decisions. Traders should stay updated and avoid making impulsive moves based on short-term fluctuations.
Disclaimer: This article is for informational purposes only and should not be considered as financial advice. Investors are advised to conduct their own research or consult with a professional financial advisor before making any investment decisions.
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