Mkts await either side breakout
Indices hovering in indecisiveness mode; For day traders now, fresh uptrend rally possible only after 65,635pts breakout, above which it could rally till 65,900-66,000 levels; On the other side, fresh sell off possible only after dismissal of 65,245pts
image for illustrative purpose
MUMBAI On Monday, the 30-share BSE Sensex was up by 64 points in a volatile trading session, after a roller intraday activity. Among sectors, Metals index gained the most, rallied over 1.5 per cent, whereas profit booking was seen in IT and selective Media stocks.
Technically, after last Friday correction, the market is witnessing range bound activity. On the higher side, the index took the resistance near 65,635 levels, while 65,245pts acted as a key support zone.
“We are of the view that, the short-term market texture is non-directional, perhaps traders are waiting for either side breakout,” says Shrikant Chouhan of Kotak Securities. For the day traders now, fresh uptrend rally possible only after 65,635pts breakout, above which the market could rally till 65,900-66,000 levels. On the other side, fresh sell off possible only after dismissal of 65,245pts. Below the same, the index could slip till 65,000-64,800 levels.
