Mkt hovering in indecisive mode
65,500-65,250 would act as a key support zone, while 65,900-66,100 range is key resistance area
image for illustrative purpose
Mumbai: On Monday, the benchmark indices witnessed lackluster activity as BSE Sensex was down by 140 points. Among sectors, intraday buying was seen in selective IT stocks whereas some profit booking seen in auto and media stocks.
Technically, after a muted opening entire day, the market hovered between 65,550 and 65,840 points.
On daily charts, the Sensex formed small bearish candle, which indicating indecisiveness between the bulls and bears. “The daily and intraday texture indicating range bound activity is likely to continue in the near future. For the day traders now, 50-day SMA or 65,500-65,250 would act as a key support zones, while 65,900-66,100 could be the key resistance areas,” says Shrikant Chouha, head (equity research), Kotak Securities.
Buying on intraday corrections and sell on rallies would be the ideal strategy for the day traders. For the bulls, below 65,250 uptrend would be vulnerable.
