Sensex charts signal further uptrend
For traders now, 65,700pts would be trend decider level, above which, it could move up till 65,200-65,300 levels
image for illustrative purpose
Mumbai On Wednesday, the benchmark indices bounce back sharply, where the 30-share benchmark index BSE Sensex was up by 150 points. Among sectors, Media and Metal indices gained over 2 per cent, whereas Reality index was the top looser, shed over 1 per cent.
Technically, after early morning sell off the index took the support near 65,450 points and recovered sharply. From the day, lowest point the market rallied over 180/600 points. A promising reversal formation and higher bottom formation on intraday charts suggesting further uptrend from the current levels.
“For traders now, 65,700 points would be the trend decider level. Above which, the index could move up till 65,200-65,300 levels,” says Shrikant Chouhan of Kotak Securities. On the flip side, below 65,700 points, uptrend would be vulnerable. Below which, the market could slip till 65,450-65,300.
