Sensex forms a long bullish candle
The benchmark indices continued the positive momentum for four days in a row. BSE Sensex was up by 582 points.
image for illustrative purpose
Mumbai: The benchmark indices continued the positive momentum for four days in a row. BSE Sensex was up by 582 points.
Among sectors, IT, FMCG and Financial indices gained over one per cent whereas intraday profit booking were seen in PSU banks and auto stocks. Technically, after a strong opening the market held the positive momentum throughout the day, after a long time the Sensex closed above200-day SMA (Simple Moving Average) level and it also formed long bullish candle on daily charts which is broadly positive.
“We are of the view that, the short-term structure of the market is robust, but due to temporary overbought conditions we could see someprofit booking at higher levels ,” says Shrikant Chouhan, Head ofEquity Research (Retail), Kotak Securities. For the day traders now, the 60,000-60,100 range would be the immediate resistance level, while 59,400-59,200 would act as key support zone forthe day traders. However, below 59,200 uptrend would be vulnerable.
