Indecisiveness may daunt bourses for near term
65,000pts could be sacrosanct support zone, below which, it could slip till 64,700-64,500 levels; While, fresh uptrend rally possible only after dismissal of 65,500 levels
image for illustrative purpose
Mumbai On Thursday, the benchmark indices witnessed range bound activity, where the NSE Nifty ended 119 points lower, while the 30-share benchmark index BSE Sensex was down by 388 points.
Among sectors, Consumer and PSU Banks indices outperformed and both the indices rallied over 1 per cent, whereas Energy, Oil, Gas, and selective FMCG stocks witnessing intraday profit booking at higher levels.
Technically, the market is consistently witnessing selling pressure near 65,500 levels, while regularly taking support near 65,000 points. In addition, on daily charts, the index has formed bearish inside candle, which is indicating of likely continuation of non-directional activity in the near future. “We are of the view that, 65,000 points could be the sacrosanct support zone for the market, below which, the index could slip till 64,700-64,500. While, fresh uptrend rally possible only after dismissal of 65,500 levels. Above the same, the market could move up till 65,200-65,350 levels,” says Amol Athawale, VP (Technical Research) of Kotak Securities.
