Intraday Charts Indicating Range-Bound Activity

Mumbai: On Monday, the benchmark indices witnessed lacklustre activity as NSE Nifty ends 21 points higher, while BSE Sensex was up by 98 points. Among sectors, Media index was the top gainer, rallied over one per cent whereas FMCG stocks witnessed intraday profit booking at higher levels.

Technically, after positive opening entire day, the market hovered between 82,850-83,100 points. A small bearish candle on daily charts and range-bound activity on intraday charts are indicating indecisiveness between the bulls and the bears.

Shrikant Chouhan of Kotak Securities, said: “We are of the view that, the larger texture of the market is bullish, but we could see a range bound activity in the near future.”

For the traders now, the 82,900-82,700 would be the key supports zone, while 83,300-83,600 would act as key resistance areas. However, below 82,700 level, the sentiment could change. Below the same, traders may prefer to exit out from the trading long positions.

The domestic market closed on a cautious note, with the BSE Sensex declining by 71 points, settling at 82,890 points. This follows a significant rally in the previous session, where both indices reached historic highs, driven primarily by strong buying from foreign institutional investors (FIIs).

Taking cues from international markets, the domestic market closed on a sideways note as investors adopted a cautious approach ahead of the Fed’s rate decision. Nifty Metal index emerged as the top-performing index, with expectations that a rate cut will boost production activities, drawing interest in metal stocks, said Vaibhav Vaidani from Bonanza Portfolio.