Further uptrend likely
The benchmark indices continued the positive momentum for five days in a row as BSE Sensex was up by 302 points. Among sectors, almost all the major sectoral indices were traded in the green, but PSU Bank and Media index outperformed, both the indices rallied over one per cent.
image for illustrative purpose
Mumbai The benchmark indices continued the positive momentum for five days in a row as BSE Sensex was up by 302 points. Among sectors, almost all the major sectoral indices were traded in the green, but PSU Bank and Media index outperformed, both the indices rallied over one per cent.
Technically, after early morning intraday correction, the index took the support near 66,700 and bounce back sharply. The index has formed higher bottom formation on intraday charts which indicating further uptrend from the current levels.
“We are of the view that, as long as the index is holding 66,700 the positive sentiment is likely to continue” says Shrikant Chouhan of Kotak Securities.
Above the same, the market could rally till 19,950-67,500-67,650 points. On the flip side, dismissal of 66,700 could trigger short-term correction. Below the same, we could expect one quick correction till 66,500-66,200.
Vikram Kasat- Head Advisory, Prabhudas Lilladher, says: “Indian benchmark indices continued the winning run for the fifth consecutive session on July 19, amid buying across sectors.”
At close, the Sensex was up 302.30 points or 0.45 percent at 67,097.44. The market opened on a positive note and tested fresh record highs but failed to hold on to the gains and witnessed profit booking. However, last hour buying helped it to close near the day’s high level.”
Despite the current high levels, domestic investors have hardly lost confidence in the Indian economy. It is experiencing a broad based-rally strengthened by encouraging domestic macroeconomic data and sustained inflows from FIIs.”
