Traders may prefer to exit

Mumbai: On Tuesday, the benchmark indices continued the positive momentum, the Sensex was up by 424 points.

Among sectors, buying were seen in Energy, Metal and PSU Banks stocks whereas despite strong momentum intraday profit booking were seen in IT and Digital stocks.

Technically, the short-term texture of the market is still in to the long side. A breakout continuation formation on weekly charts and uptrend continuation formation on intraday charts indicating further uptrend from the current levels. “We are of the view that, as long as the index is trading 69,000 traders may prefer to exit out from the trading long posits,” says Shrikant Chauhan of Kotak Securities.