Range-Bound Activity May Continue

Mumbai: On Thursday, the benchmark indices continues narrow-range activity, with BSE Sensex closed unchanged. Among sectors, the Auto index witnessed some buying interest, whereas the Media index corrected sharply, shedding 1.46 per cent.

Technically, the market has consistently taken support near 78,150 points, while experiencing profit booking near the 200-day SMA (Simple Moving Average) or at 78,900 points. It also formed a small candle on the daily charts, which supports the continuation of range-bound ac-tivity in the near future.

Shrikant Chouhan, head (equity research), Kotak Securities, said: “For traders now, the immedi-ate breakout level is 78,900 or the 200-day SMA. Above this level, the market could move up to 79,200-79,500. Conversely, if it drops below 78,150, it could retest the levels of 77,900-77,700.”

Vaibhav Vidwani, research analyst, Bonanza, said: “The Indian stock market closed on a flat note today, with the Sensex closed on sideways note, settling at 78,472 points. Market activity was subdued post-Christmas, reflecting a cautious sentiment among investors. Sector-wise, auto and energy stocks performed well, but metal and FMCG sectors lagged behind.”