Sensex forms long bullish candle
Intra-day support shifts to 53,500 level; Above 53,500, BSE Sensex could move up to 54,100-54,400, below this level, uptrend would be vulnerable and index likely to undergo a quick intraday correction
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Mumbai: The benchmark indices witnessed promising uptrend rally, BSE Sensex was up by 616 points. Among sectors, strong buying was seen in FMCG, auto and reality stocks, rallied over two per cent, whereas some profit booking continued in energy and selective oil and gas stocks.
Technically, the Sensex held the 20-day SMA (Simple Moving Average) level and bounced back sharply. It also formed Long Bullish candle on daily charts which is broadly positive.
"We are of the view that, the intraday support has shifted to 53,500 from 53,000. Above 53,500 the index could move up to 54,100-54,400", says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
On the flip side, below 53,500 level uptrend would be vulnerable. Quick intraday correction is not ruled out, if the index succeeds to trade below 53,500. Below which, it could slip till 53,200.