Sensex likely to turn bullish for short term
For short term traders, 57,800 would act as a key support zone, above which it could move up to 58,700-59,000; On the flip side, below 57,800, uptrend would be vulnerable
image for illustrative purpose
Mumbai: On Monday, the benchmark indices bounce back sharply. The BSE Sensex was rallied over 490 points. Among sectors, banking and financial stocks rallied the most whereas profit booking continued in metal, media and reality stocks. Technically, on daily and intraday charts, the market has formed higher bottom formation and also formed bullish candle on daily charts which is broadly positive.
"We are of the view that, the short-term texture of the market is bullish and for the short term traders now 57,800 would act as a key support zone," says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Head.
Above the same, the index could move up to 58,700-59,000. On the flip side, below 57,800, uptrend would be vulnerable. Below which, bulls may prefer to exit out from the trading long positions.
