Mumbai: On Monday, the benchmark indices witnessed range-bound activity as BSE Sensex was up by 15 points. Among sectors, Reality index bounced back sharply, rallied 1.5 per cent, whereas IT index was the top looser, shed 0. 85 per cent.

Technically, after early morning intraday correction the index took the support near 50-day SMA (Simple Moving Average) and reversed. In addition, on daily charts the index has formed Doji candlestick formation, which indicating incisiveness between the bulls and bears.

“We are of the view that, the larger texture of the market is still in to the bearish side. However, one quick pullback rally is not ruled out from the current levels. For the bulls now, 50 day SMA or 65,750 would act as a key support zone,”says Shrikant Chouhan of Kotak Securities.

Above which, the market could move up till 66,300-66,500. On the flip side, fresh sell off possible only after dismissal of 65,750. Below which, the market could slip till 65,500-65,350.