58,300 key breakout level to watch for bulls

Mumbai: The benchmark indices witnessed strong trading session. The BSE Sensex gained 813 points. Among sectors, strong buying was seen in reality and IT stocks, while intraday profit booking was registered in selective private banks and metal stocks.

In addition, on intraday charts, the index has maintained higher bottom formation, which also supported the uptrend.

"We are of the view that, ahead of the outcome of the Union Budget 2022, we might see a volatile trading session. For the bulls, 58,300 would be the important breakout level to watch. And if, the market manages to trade above the same, we can expect quick uptrend rally towards 58,500-58,800," says Shrikant Chauhan, head (equity research-retail), Kotak Securities.

On the flip side, trading below 57,750 may increase further weakness up to 57,300-57,150, he added.