Charts indicating further weakness
Sensex forms bearish candle signaling further weakness; Below 54,500 the correction wave is likely to continue, below which it could retest 53,800-53,700; post 54,500 breakout, the index could move up to 54,750-54900
image for illustrative purpose
Mumbai: The benchmark indices witnessed profit booking at higher levels, BSE Sensex was down by 236 points. Among sectors, most the of the major sectoral indices witnessed profit booking at higher levels, but Media and IT indices lost the most. Media index down by 2.70 per cent. Technically, from the yesterday highest level, the Sensex corrected over 1000 points.
"On daily charts the index has formed bearish candle which indicating further weakness in the near future. We are of the view that, as long as the index is trading below 54,500 the correction wave is likely to continue, he said.
Below which, it could retest the level of 53,800-53,700. On the flip side, post 54,500 breakout, the index could move up to 54,750-54900.
