58,300-57,750 key support range for short-term traders
The benchmark indices witnessed roller coaster activity on the day of announcing Union Budget-2022.
image for illustrative purpose
Mumbai: The benchmark indices witnessed roller coaster activity on the day of announcing Union Budget-2022. After a volatile trading session, the BSE Sensex was up by 937 points. Among sectors, the metal index was the top gainer, rallied over four per cent, while despite strong momentum some profit booking was seen in auto and oil stocks.
The overall Budget-2022 outcome is positive. The kind of focus put on infrastructure in this Budget is extremely positive. Technically, after a sharp intraday dip the market recover sharply and succeed to close near the day highest level.
On daily charts, the market maintains uptrend continuation formation and after a long time it succeed to close above 50-day SMA which is broadly positive.
"For the day short-term traders, now 58,300 and 57,750 would be the key support levels to watch out. Above which the index would touch the level of 59,100-59,500. On the flip side, dismissal of 58,500 could trigger quick intraday correction up to 58,300-58,200," says Shrikant Chauhan, head (equity research-retail), Kotak Securities.
