Range bound activity likely to continue
For the bulls, 52,600 would act as a sacrosanct support zone, above which it could move up to 53,300; on the flip side, selling pressure is likely to increase, if it trades below 52,600
image for illustrative purpose
Mumbai: The benchmark indices continued narrow range activity. The Sensex was down by 199 points. Among sectors, Nifty energy sector outperformed whereas profit booking were seen FMCG and selective IT stocks. Technically, the market consistently took support near 52,600 and at the same time, witnessed profit booking near 53,300 resistance level.
"The intraday texture indicating continuation of range bound activity in the near future. We are of the view that, for the bulls, now 52,600 would act as a sacrosanct support zone. Above which, the index will move up to 53,300," says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
Further upside may also continue which could lift the index up to 53,500. On the flip side, selling pressure is likely to increase, if the index succeeds to trade below 52,600. Below the same, the Sensex would slip till 52,300-52,100.
