Further uptrend likely
63,000 would be key support level to watch for a breakout, above which, it could rally till 63,500-63,700; On flip side, below 18,650/63,000, uptrend would be vulnerable and retest 62,800-62,60
image for illustrative purpose
On Wednesday, the benchmark indices witnessed a strong uptrend rally, BSE Sensex was up by 350 points. Almost all the major sectoral indices were traded in the positive territory, but Metal and Digital indices outperformed, both the indices rallied over 1.5 per cent.
Technically after a long consolidation, the market not only cleared the important resistance level of 63,000 and post breakout, it intensified the positive momentum which is broadly positive. A bullish candle on and higher bottom formation clearly indicates further uptrend from the current levels.
“For the breakout traders now, the 63,000 level would be the key support level to watch out,” says Shrikant Chouhan, head (equity research-retail), Kotak Securities. Above which, the market could rally till 63,500-63,700. On the flip side, below 18,650/63,000 uptrend would be vulnerable. Below the same, the index could retest the 62,800-62,600 levels.
