Further uptrend likely
For traders now, 65,350pts would be sacrosanct support level, above which, it could rally till 66,000-66,100 levels; On flip side, below 65,350pts, uptrend would be vulnerable
image for illustrative purpose
Mumbai On Thursday, the benchmark indices witnessed a strong uptrend rally, where 30-share index BSE Sensex was up by 340 points. Among sectors, almost all the major sectoral indices were traded in the green, but Reality and Energy indices outperformed and both the indices rallied over two per cent.
“Technically, after a strong opening, the index successfully cleared the short-term resistance of 65,675pts. Moreover, post breakout it intensified the positive momentum,” says Shrikant Chouhan of Kotak securities.
In addition, on daily charts, the index has formed a bullish candle and on intraday charts it is holding higher bottom formation, that also support further uptrend from the current levels.
For the trend following traders now, 65,350pts would be the sacrosanct support level. Above which, the market could rally till 66,000-66,100 levels. On the flip side, below 65,350pts, uptrend would be vulnerable. Below the same, we could see a quick one intraday correction till 65,150-65,000.
