Sensex: Breakout above 44,400 key
image for illustrative purpose
Mumbai: A lacklustre trend to continue in the market and an attempt to overcome the resistance level around the Sensex level of 44,400.
While a breakout above 44,400 is the key factor from a short- term perspective, our research suggests anything above this level market to gain momentum, that could lead to an upside projection till 45,100-45,200 level, says Ashis Biswas, head of technical research, CapitalVia.
The momentum indicators like RSI, MACD to further strengthen in favour of a positive outlook and advise the traders to consider a breakout above 44,400 as an opportunity to build fresh long, he added.
The BSE-30 Index gained 0.7 per cent in the past week. The market remained buoyant on expectations of sharp earnings recovery led by earlier-than-expected deployment of Covid-19 vaccines and easy monetary policies, says Sanjeev Zarbade, VP PCG Research, Kotak Securities.
Bajaj Finserv, ONGC and Tata Steel were among the major gainers while HDFC, L&T and Reliance Industries were among the major losers in the BSE-30 Index in the past week, he added.
FPIs bought equities worth USD 2.05 bn over the past five trading sessions while DIIs sold USD 1.8 bn worth of equities in the same period. Advice for investors will be to buy quality stocks on declines."
