Pullback wave to continue above 59,800 level
image for illustrative purpose
Mumbai: On the day of weekly expiry day, the benchmark indices witnessed a volatile trading session and BSE Sensex was down by 147 points. Among sectors, some buying interest was seen in Media and selective IT stocks whereas profit booking continued in Oil and Gas and banking stocks.
Technically, after morning correction once again the index took the support near 59,700 and bounced back sharply. On daily charts, the market is consistently taking support near 59,700.
"We're of the view that as long as the index is holding 59,800 the market is likely to continue the pullback wave. Above 59,800 the chances of hitting 60,500 would turn bright, On the flip side, fresh selloff possible only after dismissal of 59,700. Below which, the index could slip till 59,500-59,200.
