Further selling likely
Market completed one leg of pullback rally; Intraday texture is still in to positive side
image for illustrative purpose
Mumbai: The benchmark indices traded in lackluster activity as NSE Nifty ends 10 points lower, while BSE Sensex was down by 17 points. Among sectors, some buying was seen in consumer and oil stocks whereas profit booking continued in pharma and healthcare stocks. Technically, after a promising pullback rally, the index witnessing narrow range activity at higher level. However, the intraday texture is still in to the positive side.
"We are of the view that, market completed one leg of pullback rally, but fresh selling possible only after dismissal of 60,650 below the same the index could slip till 60,500-60,200," says Shrikant Chauhan of Kotak Securities.
On the flip side, above 60,650 level, the index could move up till 61,200-61,400 or 50-day SMA.
