Charts indicating indecisive trading
58,000-58,150 would be the immediate resistance level for the bulls above the same, the index could move up to 58,450; On the flip side, trading below 57,300 may increase further weakness till 57,150-56,900
image for illustrative purpose
Mumbai: On Monday, the benchmark indices witnessed volatile trading session. The BSE Sensex was down by 150 points. Media and metal stocks registered profit booking at higher levels whereas some buying interest was seen in banking and financial stocks.
Technically, after morning fall the market took the support at 57,170 and revered sharply, but one more time, it failed to close above 20-day SMA which is grossly negative. On daily charts, it has formed Long leg Doji formation the pattern suggest indecision of bulls and bears.
"We are of the view that, 58,000-58,150 would be the immediate resistance level for the bulls above the same, the index could move up to 58,450," says Shrikant Chauhan, head of equity research (Retail), Kotak Securities. On the flip side, trading below 57,300 may increase further weakness till 57,150-56,900, he added.
