Profit booking likely at higher levels
55,450 would be the trend decider level, above which positive momentum is likely to continue till 56,100-56,300; below 55450, uptrends would be vulnerable
image for illustrative purpose
Mumbai: The benchmark indices continued positive momentum third day in a row, after a promising rally, BSE Sensex was up by 1041 points.
Among Sectors, all the major sectoral indices were traded in the green but IT and Reality stocks bounce back sharply, both the sectoral indices rallied over 3 per cent. Technically, in last three days, the Sensex rallied nearly 2,660 points.
On last Monday, the market successfully cleared the resistance level of 55,000 and succeeds to close above the same which is broadly positive. "We are of the view that, the short texture of the market is bullish but mildly overbought. Hence, we could see some profit booking at higher levels.
For the traders, now 55,450 would be the trend decider level, above which positive momentum is likely to continue till 56,100-56,300," says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities. On the flip side, below 55450 uptrends would be vulnerable. Below which, the index could retest the level of 55250-55200.
