Sensex forms bearish candle
On the monthly expiry day, the benchmark indices corrected sharply as BSE Sensex was down by 256 points.
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Mumbai On the monthly expiry day, the benchmark indices corrected sharply as BSE Sensex was down by 256 points.
Among sectors, almost all the major sectoral indices witnessed profit booking at higher levels but PSU Banks and Oil and Gas indices lost the most, shed over one per cent. On intraday charts the index consistently facing selling pressure at higher levels and on daily charts it has formed bearish candle, which is largely negative.
“We are of the view that, the larger texture of the market is still range bound and for the traders now 64,700 would act as a sacrosanct support zone. If the index trade above the same, then it will bounce back till 65,100-65,300,” says Shrikant Chouhan of Kotak Securities.
On flip side, below 64,700 the selling pressure is likely to accelerate. Below which, the market could slip till 64,500-64,400. The current market texture is volatile. Hence, level-based trading would be the ideal strategy for the day traders.