According to Angel One's technical analysis, the market has entered a cautious phase following the Doji formation in the previous week, with persistent sell-off creating skepticism among participants. The benchmark index has been hovering around its 20 DEMA over recent sessions, reflecting indecisiveness among market participants. As reported by Angel One, investors should avoid aggressive positioning until greater clarity emerges on the market trend while maintaining disciplined risk management.
Technically, the index has retraced 38.20% of its recent rally, coinciding with the breakout neckline of the sloping trendline, suggesting the current decline remains a healthy retracement. According to Angel One's technical assessment, a sustained move below the weekly low of 24,265 could weaken the technical structure and shift the outlook from cautious to bearish. Such a breakdown may expose the index to key support zones of 24,200-24,150, aligned with the 50% Fibonacci retracement and 50 and 100 DEMA for the coming week.
Conversely, a decisive and sustained move above 24,500 is likely to reinforce the underlying structure, potentially triggering a bullish reversal and resumption of the primary uptrend, targeting the 200 DSMA at 24,730. As reported by Angel One, market participants should remain watchful for key developments and potential catalysts that could determine the next directional move, while positioning accordingly.
Aequs (AEQUS) is recommended as a buy around ₹240 with a stop loss at ₹215 and target of ₹285-290, having been in a secular uptrend hovering above its 20-day EMA. Asahi India Glass (ASAHIINDIA) is suggested as a buy around ₹930 with stop loss at ₹869 and target of ₹1020-1050, having surged above its 200 DSMA with strong momentum from EMA cluster support. Dynamatic Technologies (DYNAMATECH) is recommended as a buy around ₹11,100-11,000 with stop loss at ₹10,300 and target of ₹12,000-12,200, having witnessed buying traction from EMA clusters and rebounded above key moving averages.
