Range-bound activity may continue
Fresh uptrend rally possible only after dismissal of 66,300pts, above which, it could move till 66,650-66,700 levels; On the flip side, below 65,510pts, selling pressure is likely till 65,100-65,000 levels
image for illustrative purpose
MUMBAI On Thursday, the benchmark indices witnessed range bound activity, whereas the 30-share benchmark index BSE Sensex was down by 307 points. Among sectors, Media index was the top gainer, rallied over six per cent, whereas selective FMCG and Pharma stocks witnessed profit booking at higher levels.
Technically, after a muted opening entire day, the index hovered between 65,510 points to 65,950 points. It also formed inside body candle on daily charts, which indicating continuation of range bound activity in the near future.
“We are of the view that, the larger texture of the market is bullish, but fresh uptrend rally possible only after dismissal of 66,300 points, above which, the index could move till 66,650-66,700 levels,” says Shrikant Chouhan of Kotak Securities. On the flip side, below 65,510 points, the selling pressure is likely till 65,100-65,000 levels.
