Market in indecisive mode

Mumbai: The benchmark indices witnessed volatile trading session, after a roller-coaster activity. BSE Sensex was up by 31 points. Among sectors, Reality, Pharma and Infra indices gained over one per cent whereas Media index corrected sharply, shed nearly three percent. Technically, after an early morning, intraday rally the index took the resistance near 72,000 and due to profit booking at higher levels, it corrected sharply. “On intraday charts, index is still holding lower top formation and on daily charts, it has formed inside bar candle which indicating indecisiveness between the bulls and bears,” says Shrikant Chouhan, Head-Equity Research, Kotak Securities.

For the traders now, 72,000 would act as a key level to watch out. Below 72,000, the weak sentiment is likely to continue. Below the same, the market could retest the level of 71,100. Further down side may also continue which could drag the index till 70,850. On the flip side, post 72,000 breakout, the index could rally till 72,300-72,400. Prashanth Tapse, Senior VP (Research), Mehta Equities says, “Markets gyrated sharply in volatile trades as key indices erased most of their early gains to end marginally higher amid selective buying in auto, realty, metals and oil & gas stocks, whereas banking stocks fell the most.”