65,500 resistance zone for bulls
Weak sentiment is likely to continue below these levels and could retest the level of 65,000-64,800; On the flip side, post 65,500 breakout, the index could rally till 65,800-65,875
image for illustrative purpose
Mumbai On Thursday, the benchmark indices witnessed profit booking at higher levels, where the NSE Nifty ended 57 points lower, while the 30-share benchmark index BSE Sensex dragged 181points down. Among sectors, some buying was seen in digital and IT stocks, whereas PSU Bank index shed nearly one per cent. Technically, on the backdrop of positive global sentiment, our markets opened with a gap-up, but witnessed profit booking at higher levels. From the day highest level, the market shed over 700 points. It also formed bearish candle, which is largely negative.
“We are of the view that, for the bulls now, 65,500 would act as an immediate resistance zone. As long as the index is trading below the same, the weak sentiment is likely continue. Below which, the index could retest the level of 65,000-64,800,” says Shrikant Chouhan of Kotak Securities. On the flip side, post 65,500 breakout, the market could rally till 65,800-65,875 levels.
