Sensex forms fresh bearish candle
The benchmark indices on Wednesday corrected sharply as BSE Sensex was down by 372 points.
image for illustrative purpose
Mumbai: The benchmark indices on Wednesday corrected sharply as BSE Sensex was down by 372 points. Among sectors, almost all the major sectoral indices witnessed profit booking at higher levels, but Media index lost the most, shed over two per cent.
Technically, after a muted opening the market continued selling pressure at higher levels. The Sensex breached the crucial support level of 61,800 and also formed bearish candle on daily charts which is largely negative.
“We are of the view that, the short-term market texture has changed to sell on rallies from buy on dips. For the traders now, 61,800 and 62,000 would act as an immediate resistance area, while 61,300-61,100 could be the important support levels for the bulls,” says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
