We were discussing the indices, currently at 24,600, and trying to hold those levels. It being a truncated week, what is your view on the market? Tomorrow is a market holiday, and we have just about two-and-a-half hours left for the market to close.
Ajit Mishra: After six weeks of decline, this week we are finally ending on a positive note, which is a good sign. As you mentioned, earlier we were struggling to stay afloat, but now we are holding the 24,600 mark, which coincides with the medium-term moving average — the 100-day exponential moving average on daily charts. While this shows stability, we still need decisiveness in the index. A breakout above the 24,800 hurdle, which is the short-term moving average, could trigger a meaningful recovery towards 25,000–25,250 in the coming days.
Currently, oversold positions in heavyweights are helping on a rotational basis, with IT majors and some private banks supporting the index. However, this is not enough — we need a couple of days of strong, broad-based participation from heavyweights across sectors for a sustained recovery. Until we decisively cross 24,800, the market is likely to remain in a consolidation phase. On the sectoral front, barring midcaps and smallcaps where pressure continues, there are stock-specific opportunities on the long side. In such a market, the focus should remain on stock-specific trades until 24,800 is reclaimed.
As you mentioned, stock-specific opportunities are something to watch for in a stagnant market. Which stocks fit that bill?
Ajit Mishra: Auto majors like M&M, TVS, and Eicher are holding strong, trading near record highs. This outperformance could strengthen further once markets sustain a rebound. Eicher, in particular, has broken out of a consolidation range and is now pausing, which offers a buying opportunity. One can buy Eicher at current levels with a stop loss at 5,640 and a target of 5,900.Since the market has not completely recovered, maintaining some short positions is logical. In the banking space, IndusInd Bank is gradually drifting lower. A fresh shorting pivot formation on the daily chart suggests a potential decline towards 730. One can go short in IndusInd Bank with a stop loss at 792 and a target of 730.