Range-bound texture below 72,750-74,200 level
Above 74,200 level, market could rally till 74,500-74,600; On the flip side below 72,750pts, it could slip till 72,500-72,300
image for illustrative purpose
Mumbai: Weak Asian and European cues kept the mood sluggish in the domestic market through the trading session. “Investors are trading with caution in the run up to poll outcome and are keeping their equity exposure limited,” says Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
On Tuesday, the benchmark indices witnessed a range bound activity the Sensex was down by 53 points. Among Sectors, Metal index outperformed, rallied 3.7 percent whereas Private Banks and selective FMCG stocks witnessed intraday profit booking at higher levels.
Technically, after a weak opening market bounce back sharply but it registered a profit booking at higher levels. Shrikant Chouhan, Head Equity Research Kotak Securities, said: “We are of the view that, as long as the market is trading between 72750-74200 the range bound texture is likely to continue For the day traders now 74,200 would be the immediate breakout level.” Above which it could rally till 74500-74600. On the flip side below 72,750 up-trend would be vulnerable. Below 72,750 the market could slip till 72500-72300.
