66,250 support level key for mkt direction
Above which, the index could move up till 66,800-66,900; On the flip side, below 66,250, bulls may prefer to exit out from trading long positions
image for illustrative purpose
MUMBAI On Monday, the benchmark indices bounced back sharply, where as the 30-share benchmark index BSE Sensex was up by 367 points. Among sectors, Metal index rallied over 1.50 per cent, whereas despite strong momentum intraday profit booking was seen in FMCG and selective Pharma stocks.
Technically, one more time, the index took the support near 20-day SMA (Simple Moving Average) and bounced back sharply. A promising reversal formation is indicating further uptrend from the current levels. “For the trend following traders now, the 66,250 points would be the trend decider level,” says Shrikant Chouhan of Kotak Securities. Above which, the market could move up till 66,800-66,900. On the flip side, below 66,250 level, bulls may prefer to exit out from the trading long positions. Below which, the market could retest the level of 66,000-65,850 points.
