Market texture in non-directional mode
For bulls, 61,100 would be fresh breakout level, above which the index could rally till 61,300-61,500; on flip side, fresh round of selling is possible only after dismissal of 60,500, below which, it could slip till 60,300-60,150
image for illustrative purpose
Mumbai: The benchmark indices witnessed a volatile trading session, BSE Sensex was down by 112 points. Among sectors, IT index lost the most, shed over 1.14 per cent, whereas PSU banks bounce sharply, rallied 2.64 per cent.
Technically, on backdrop of weak global cues our market opened with a negative note, but after gap down opening, it bounced back sharply. However, after early morning intraday rally, the market witnessed a range-bound activity. The current market texture is non-directional perhaps traders are waiting for either side breakout.
"For the bulls now 61,100 would be the fresh breakout level and above which the index could rally till 61,300-61,500," says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities. On the flip side, fresh round of selling is possible only after dismissal of 60,500. Below which, the index could slip till 60,300-60,150.
