Sensex forms a long bullish candle
55,000 would be the trend decider level, above the same, the uptrend momentum is likely to continue till 55,600-55,900
Unfazed by weak global cues, mkts bounce back
Mumbai: On the day of weekly expiry, the benchmark indices bounce back sharply. Sensex was up by 440 points. Among sectors, buying interest was seen in energy and IT stocks whereas despite strong market momentum, metal and PSU banks stocks witnessed profit booking at higher levels.
Technically, after a weak opening, the index took the support near 20 day SMA and bounced back sharply.
On daily charts, it has formed long bullish candle which supports further uptrend from the current levels.
"For the day traders, now 55,000 would be the trend decider level. Above the same, the uptrend momentum is likely to continue till 55,600-55,900," says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
However, fresh round of selling is possible if the index succeeds to trade below 55,000. Below which the index could slip up to 54,700-54,150, he said.