Sensex clears short-term resistance at 66k
image for illustrative purpose
Mumbai In last week, the benchmark indices continued the positive momentum as NSE Nifty ended at 1.3 per cent higher, while BSE Sensex up by 780 points. Among sectors, IT and Digital indices gained the most; both the indices rallied over four percent whereas profit booking were seen in PSU Banks stocks, as a result, PSU Bank index shed nearly 1.5 per cent.
“Technically, on last Friday, the index successfully cleared the short-term resistance of 66,000 and after a long time it succeeds to close above the same, which is largely positive,” Amol Athawale, Technical Analyst (VP), Kotak Securities said. n daily and weekly charts, the index has formed bullish candle and also formed breakout formation on intraday charts, which supports further uptrend from the current levels. For the trend following traders now, the 65,800 would be the trend decider level. Above which, the market could move up till 66,300 further upside may also continue which could lift the market till 66,600 points.
On the other side, below 65,800 level, traders may prefer to exit out from the trading long positions. Below 65,800, we could expect one quick correction till 19400-65500-65,200. For Bank Nifty now, 20-day SMA (Simple Moving Average) or 44,500 would be the trend decider level.
