Quick pullback possible if Sensex trades above 60,900
image for illustrative purpose
Mumbai: On the last Tuesday, the benchmark indices witnessed a volatile trading session. After a roller coaster activity, BSE Sensex closed at 60,672 points.
Among sectors, PSU Banks and Reality indices corrected over one per cent whereas some buying was seen in energy stocks. Technically, the market consistently facing selling pressure at higher levels, the index also formed bearish candle on daily charts, which is broadly negative for the market.
“We are of the view that, as long as the index is trading below 60,900 level, the weak sentiment is likely to continue. Below the same, the index could slip till 60,500-60,300,” says Shirkant Chouhan, head (equity research-retail), Kotak Securities.
On the flip side, a quick pullback possible if the market trades above 60,900. Above which the index could move up to 61,100-61,300.
