Charts indicate further uptrend
For trend followers, 65,700pts would be key level to watch out, above which, it could move up till 66,100-66,200 levels; On the flip side, fresh sell of possible only after dismissal of 65,700pts
image for illustrative purpose
Mumbai The benchmark indices witnessed buying interest at lower levels, where the 30-share index BSE Sensex was up by 137 points. Among sectors, Healthcare index was the top gainer, rallied over 1 per cent, whereas profit booking continued in Metal stocks, as a result Metal index shed nearly 1 per cent.
Technically, after a gap-down opening the index bounced back sharply from the day lowest level and rallied over 573 points.
“The bullish candle on daily charts and higher bottom formation on intraday charts indicating further uptrend from the current levels,” says Shrikant Chouhan of Kotak Securities. For the trend following traders now, 65,700 points would be the key level to watch out. Above the same, the market could move up till 66,100-66,200 levels. On the flip side, fresh sell of possible only after dismissal of 65,700 points. Below which, the index could retest the level of 65,000-64,800.
