Medium-term texture still positive
Fresh sell off possible only after dismissal of 69,300pts, below the same the market could slip till 69,000-68,800 pts; After a gap-up opening, one more time, Sensex took the resistance near 70,000 due to profit booking
image for illustrative purpose
Mumbai:On Tuesday, the benchmark indices witnessed a profit booking at higher levels as BSE Sensex was down by 378 points. Among sectors, almost all the major sectoral indices registered intraday profit booking at higher levels, but Reality index lost the most with 1.80 per cent loss. Technically, after a gap-up opening, one more time the index took the resistance near 70,000 and due to profit booking, it corrected sharply. However, the medium-term texture of the market is still in to the positive side.
“We are of the view that, the intraday texture is weak, but fresh sell off possible only after dismissal of 69,300 points, below the same the market could slip till 69,000-68,800,” says Shrikant Chouhan, Head, Equity Research, Kotak Securities.
On the flip side, as long as the index is trading above 69,300 the chances of hitting 69,800-70,00 would turn bright.
