Sensex faces selling pressure
The benchmark index likely to consolidate within 63,500-64,200 range
image for illustrative purpose
Mumbai: On Tuesday, the benchmark indices witnessed profit booking at higher levels. Benchmark Sensex was down by 221 points.
Among sectors, media and reality indices gained over one per cent whereas profit booking were seen in pharma and healthcare stocks. Technically, after a gap-up opening, market is consistently facing selling pressure at higher levels. On daily charts, the index has formed bearish candle which indicating further weakness from the current levels.
“We are of the view that, the market is likely to consolidate within the range of 63,500 to 64,200. For the day traders buying on dips and sell on rallies would be the ideal strategy,” says Shrikant Chouhan of Kotak Securities.
However, below 63,500 traders may prefer to exit out from the trading long positions.
Main indices witnessed marginal losses particularly led by IT stocks, while mid- & small-caps gained due to the recent moderation in valuations and buy-in dip strategy of domestic investors on the hope of pickup in demand in the upcoming festive season.
