71,500 would act as trend decider level
After a short-term correction, the index took the support near 71,300 and bounced back sharply
image for illustrative purpose
Mumbai: On Thursday, the benchmark indices bounced back sharply as BSE Sensex was up by 491 points. Among sectors, almost all the major sectoral indices witnessed buying interest, but Reality index outperformed, gained over six per cent.
Technically, after a short-term correction, the index took the support near 71,300 and bounced back sharply. On the flip side, below 71500 the selling pressure is likely to accelerate. Below which, it could retest the level of 71,300-71,100.
“We are of the view that, the intraday texture of the market is bullish, but the sentiment could change if the index slip below 71,500. For the bulls now, the 71,500 would act as a trend decider level, above the same the market could continue rally till 72,100-7,350,” says Shrikant Chouhan, head (equity research), Kotak Securities.
Prashanth Tapse, senior V-P (research), Mehta Equities, says: “The US FOMC minutes of the meeting indicating two-three policy rate cuts in 2024 cheered local investors as markets rebounded from its 2-day fall led by a massive rally in real estate stocks.”
China, currently undergoing a slowdown phase, has turned out to be a major succour for Indian markets, which continue to attract robust foreign fund flows and domestic inflows. With economic activity remaining buoyant, expectations of a healthy corporate earnings announcement could keep the mood upbeat going ahead.
