Market hovering in non-directional trading
For the bulls now, fresh uptrend rally possible only after dismissal of 65,370pts, above which, it could rally till 65,500-65,700
image for illustrative purpose
MUMBAI On Tuesday, the benchmark indices witnessed a range-bound activity, where the 30-share benchmark index BSE Sensex closed 4 points higher. Among sectors, selective PSU Banks and Pharma stocks witnessed intraday profit booking at higher levels.
Technically, currently the market is witnessing non-directional activity on the higher side. It is consistently taking resistance near 65,370 points, while on the lower side regularly taking support near 65,150 levels.
“For the bulls now, fresh uptrend rally possible only after dismissal of 65,370 points, above which, the index could rally till 65,500-65,700,” says Shrikant Chauhan of Kotak Securities. On the flip side, dismissal of 65,150 points could accelerate the selling pressure. Below which, the market could slip till 65000-64800 levels.
