Mkt Moving In Indecisive Mode

Mumbai: On Monday, the benchmark indices witnessed a narrow-range activity as BSE Sensex was down by 200 points. Among sectors, selective metal stocks registered buying interest at lower levels whereas FMCG and Media indices shed nearly two per cent.

Technically, after a muted opening entire day the market hovered between 81,400-81,800 levels. On the daily chart, it has formed a small candle which indicates indecisiveness between the bulls and the bears.

Shrikant Chouhan of Kotak Securities, said: “We are of the view that, the current market texture is non directional hence level based trading would be the ideal strategy for the day traders.”

For the short term 81,100-80,900 would be the immediate support zone, while 81,800-82,100 could act as a crucial resistance area for the traders. However, below 80,900 traders may prefer to exit out from trading long positions. As long as the market is trading above these levels, the bullish sentiment is likely to continue. On the upside, it could rally to 82,200.

Prashanth Tapse, senior V-P (research), Mehta Equities says: “Markets witnessed a range-bound session and mostly languished in negative territory due to lack of investors’ enthusiasm after last week’s rally.”

All eyes are on this week’s IIP and inflation numbers, which would be key given the RBI’s reluctance to cut rates on the back of higher inflation concerns going ahead.The Indian stock market closed lower, with the BSE Sensex down by 200 points, settling at 81,508, reflecting a decline of 0.25% from the previous session.

“Market sentiment was influenced by mixed global cues and concerns over potential rate adjustments by the Reserve Bank of India following recent policy announcements,” said Vaibhav Vidwani, Research Analyst, Bonanza.

Overall, while broader indices showed some resilience with mid-cap and small-cap stocks gaining ground, the prevailing market mood remained cautious amid geopolitical uncertainties and fluctuating foreign investment flows.