Positive short-term texture

Mumbai: On Thursday, the benchmark indices witnessed lackluster activity as NSE Nifty ends nine points lower, while BSE Sensex was down by five points. Among sectors, some buying interest was seen in reality stocks whereas Pharma and Healthcare indices corrected sharply, shed over one per cent.

Technically, after a promising opening the market witnessed intraday profit booking at higher levels. However, the short-term texture of the market is still in to the positive side.

“We are of the view that, the index consistently facing resistance near 66,800. For the traders now, 66,800 would act as key resistance zone,” says Shrikant Chouhan, head (equity research) Kotak Securities.

Below the same, the weak sentiment is likely to continue. Below, which, the index could slip till 65,800-65,600. On the flip side, Post 66,800 range breakout the market could rally till 67,100-67,300.

Prashanth Tapse, senior V-P (research), Mehta Equities, says: “Markets were extremely lackluster on the back of thin volumes. It looks like a lot of capital has been making its way into the IPO market over the last few days, and investors including retail ones don’t want to miss the bus. Once the current IPO rush is over, we may see investors returning to secondary markets, provided there are no major hiccups in global markets.”