Current market texture in non-directional mode
61,500 level immediate hurdle for bulls and above it, the index could move to 61,800 levels, continuation in further upside could lift the index to 62,000; On the flip side, 61,100 could be the immediate support zone for the traders, below which, it could slip till 60,900-650
image for illustrative purpose
Mumbai: On Tuesday, the benchmark indices witnessed a pullback rally, BSE Sensex was up by 274 points. Among sectors, PSU Bank index continues to outperform, whereas Nifty Realty registered profit booking.
Technically, after a three days price correction, the Index took the support around 61,100 and reversed. It also formed small bullish candle on daily charts.
"We are of the view that 10 days SMA (Simple Moving Average) 61,500 would be the immediate hurdle for bulls," says Shrikant chouhan, Head of Equity Research ( Retail), Kotak Securities.
Above 61,500, the index could move to 61,800 levels, continuation in further upside could lift the index to 62,000. On the flip side, 61,100 could be the immediate support zone for the traders, below which, it could slip till 60,900-650. The current market texture is non-directional. Hence, level-based trading would be the ideal strategy for the day traders.
