Pullback continuation likely above 57,300
Above which, index may touch 57,900-58,100 level. On the flip side, below 57,300 the index could slip till 57,000
image for illustrative purpose
Mumbai: The benchmark indices witnessed a pullback rally on Wednesday, the BSE Sensex was up by 479 points. Among Sectors, almost all the major sectoral indices were traded in the positive territory, but Reality index outperformed, rallied over 1.50 per cent.
Technically, after an initial intraday selloff, the index again took the support near 200 day SMA (Simple Moving Average) and bounced back sharply. However, the short-term texture of the market is still in to the down side.
"We are of the view that, as long as the index is trading above 57,300 mark, the pullback formation is likely to continue. Above the same, the index may touch the level of 57,900-58,100. On the flip side, below 57,300 the index could slip till 57,000," says Shrikant Chouhan of Kotak Securities.
