Range-bound activity may continue
For traders, 59,700 and 59,500 would act as a key support zones; on the flip side, 61,300-61,400 would be the immediate hurdle
image for illustrative purpose
Mumbai: After a strong uptrend rally, the benchmark indices witnessed profit booking at higher levels. The BSE Sensex was down by 215 points. Among Sectors, some buying was seen in media and metal stocks, whereas intraday profit booking was seen in selective consumer and reality stocks.
Technically, after a promising uptrend rally, on daily charts the index has formed small bearish candle and also formed double top formation on intraday charts.
"The short-term formation indicating, range-bound activity is likely to continue in the near future. For the traders, 59,700 and 59,500 would act as a key support zones," says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
On the flip side, 61,300-61,400 would be the immediate hurdle. The market texture is non directional, hence buying intraday correction and sell on rallies would be the ideal strategy for the day traders.
