Fresh uptrend rally likely
image for illustrative purpose
Mumbai: On Wednesday, the benchmark indices witnessed intraday recovery from the lower levels as BSE Sensex was up by 173 points. Among sectors, Pharma and Healthcare indices gained over one per cent whereas selective banking and financial stocks witnessed some profit booking at higher levels.
Technically, after early morning intraday correction eventually the index took the support near 65,550 and reversed sharply. In addition, on daily charts the index has formed bullish reversal formation near 50-day SMA (Simple Moving Average), which indicating strong possibility of fresh uptrend rally from the current levels. “For the traders now, 65,900 would act as a key support level. Above which, the market could continue the positive momentum till 66,300-66,450. On the flip side, below 65,900 uptrend would be vulnerable,” says Shrikant Chouhan of Kotak Securities.
