Minor intraday corrections likely
image for illustrative purpose
Mumbai On Monday, the benchmark indices witnessed a profit booking at higher levels as BSE Sensex was down by 326 points. Among sectors, despite weak market sentiments PSU banks outperformed whereas intraday profit booking were seen in IT and selective financial stocks. Technically, index hovered between 64,850 and 65,000 throughout the session.
“We are of the view that, the larger market structure is positive side, but we could see minor intraday corrections in the near future,” says Shrikant Chouhan of Kotak Securities.
For the traders, as long as the index trading below 65,200 points, the weak sentiment is likely to continue, below which the market could slip till 64,700-64,600 points. On the flip side, post 65,200 breakout, the index could move up till 65,400-65,500 range. Contra traders can take a long bets near 64,600 with strict 100 points stop loss.
