Mkts hovering in non-directional trading
image for illustrative purpose
Mumbai: On Tuesday, the benchmark indices witnessed a volatile trading session, after a roller-coaster activity, NSE Nifty ends 35 points lower, while BSE Sensex was down by 103 points. Among sectors, almost all the major sectoral indices were traded in the red, but Reality index lost the most, shed over 1.20 percent. Technically, after early morning sharp intraday selloff the index took the support near 61,100 and recovered.
"From the day lowest points, the market recovered over 600 points. Currently the market witnessing non-directional activity perhaps traders are waiting for either side breakout," says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
For the bulls, 61,900 would be the important breakout level to watch. And if, the market manages to trade above the same, then we can expect quick uptrend rally towards 62,300-62,500.
On the flip side, trading below 61,100 may increase further weakness up to 60,800-60,600.
