Quick pullback rally till 64,400-64,500 likely

Mumbai: The benchmark indices were down amid continued profit booking at higher levels. After a sharp intraday correction, NSE nifty ends 155 points lower, while BSE Sensex was down by 525 points.

Among sectors, almost all the major sectoral indices registered selling pressure at higher levels, but Media and Reality indices lost the most, shed over one per cent. Technically, due to weak sentiments, the Sensex breached the important support level of 64,400 and it also formed bearish candle on daily charts, which is largely negative.

“We are of the view that, the short-term market texture is weak and in oversold position. Hence, we could see one quick intraday bounce back from the current levels,” says Shrikant Chouhan of Kotak Securities.

For the day traders now, the 63,900 would act as trend decider level, above which we could see one quick pullback rally till 64,400-64,500. On the flip side, fresh sell off possible only after dismissal of 63,900 below the same, the market could slip till 63,700-63,500.