Narrow-range trading amid indecisiveness in mkt
For the traders now, 62,600pts would be immediate support level, above which it could move up till 62,900-63,100 level; below which it could slip till 62,400-62,200
image for illustrative purpose
On Monday, the benchmark indices witnessed a narrow range activity, BSE Sensex was up by 99 points. Among sectors, IT, Reality and Media indices rallied over one percent, whereas some pressure was seen in banking stocks. The narrow range activity clearly indicates indecisiveness between the bulls and bears.
“For the traders now, 62,600pts would be the immediate support level, above which the index could move up till 62900-63,10 level,” says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
On the other side, fresh sell off possible only after dismissal of 62,600pts. Below the same, the market could slip till 62,400-62,200 level.
