Positive trading above 65,650pts

Mumbai: On Wednesday, the benchmark indices witnessed a range-bound activity as BSE Sensex was up by 92 points. Among sectors, pharma and healthcare stocks witnessed buying interest whereas PSU Bank index corrected over one per cent.

Technically, after a muted opening, the market witnessed intraday correction, but after early morning correction the index took the support near 65,650 and bounced back sharply. On intraday charts, the index consistently taking resistance near 66,150points, while on the lower side, it has formed higher bottom formation near 65,650points.

“We are of the view that as long as the index is trading above 65,650points, the positive sentiment is likely to continue. Above which the market could rally till 66,150 further upside may also continue which could lift the index till 66,500,” says Shrikant Chouhan, head (equity research) Kotak Securities.