Sensex witnesses profit booking at higher levels
For traders, 61,450 would act as a key resistance level, below which correction wave is likely to continue till 60,500-60.300; On the flip side, fresh uptrend rally possible only after 61,450 breakout level, above which, it could move up to 61,700-61,850
Sensex forms Hammer candlestick
Mumbai: The benchmark indices witnessed profit booking at higher levels, the BSE Sensex was down by 152 points. Among sectors, PSU Banks continued to be outperformed, whereas profit booking was seen in Pharma and Reality stocks.
Technically, after a strong opening, the index consistently facing selling pressure at higher levels. It also formed bearish candle on daily charts.
"We are of the view that, the short term texture of the market is still in to the positive side, but due to temporary overbought conditions the market is witnessing profit booking at higher levels," says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
For the traders, 61,450 would act as a key resistance level. Below the same, the correction wave is likely to continue till 60,500-60.300. On the flip side, fresh uptrend rally possible only after 61,450 breakout level. Above which, the index could move up to 61,700-61,850.