Intraday texture suggests non-directional trading
On Monday, the benchmark indices witnessed a volatile trading session, after a roller-coaster activity the nifty ends 40 points higher, while the Sensex was up by 126 points.
image for illustrative purpose
Mumbai: On Monday, the benchmark indices witnessed a volatile trading session, after a roller-coaster activity the nifty ends 40 points higher, while the Sensex was up by 126 points.
Among Sectors, some buying interest seen in Pharma stocks while profit booking continued in Media and Reality indices both the indices shed over 1 percent. Technically, the intraday texture of the market is non directional.
“For the traders, now the 57,500 would be the trend decider level, if the index succeeds to trade above 57,500 then it could move up to 58,000 further upsides may also continue which could lift the index till 58,200,” says Shrikant Chouhan, head (equity research-retail), Kotak Securities.
On the flip side, below the 57,500 uptrend would be vulnerable. Below which, the index could retest the level of 57,200-57,100 points.
