Range-bound activity likely

Mumbai On Tuesday, the benchmark indices witnessed range-bound activity, where the 30-share benchmark index BSE Sensex was down by 107 points. Among sectors, PSU Bank index outperformed, rallied over three per cent, whereas Metal index shed over one per cent.

“Technically, after a reversal formation, market is witnessing a range-bound activity near 20-day SMA (Simple Moving Average). The texture of the chart indicates range-bound activity is likely to continue in the near future,” says Shrikant Chouhan of Kotak Securities. For the bulls, fresh uptrend rally possible only after dismissal of 66,100 points. Above which, the index could move till 66,300-66,400 levels. On the flip side, below 65,700 points, the selling pressure is likely to accelerate. Below the same, the market could retest the level of 65,500-65,400.