Markets moving in non-directional trading
image for illustrative purpose
Mumbai: The benchmark indices continued a range-bound activity, BSE Sensex was up by 65 points. Among sectors, Pharma index lost the most, shed over one percent whereas some buying interest were seen in banking stocks.
Technically, the market is witnessing non-directional activity near 200-day SMA (Simple Moving Average). It’s also holding lower top formation on intraday charts. “We are of the view that, the index completed one leg of correction, but fresh uptrend possible only after dismissal of 59,800 above the same, it could move up till 60,000-60,200,” says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
On the flip side, below 59,800 the weak sentiment is likely to continue. Below the same the index could slip till 59,400-59,200.
