Sensex forms small bearish candle

Mumbai On Tuesday, the benchmark indices witnessed lackluster activity, where the 30-share benchmark index BSE Sensex was down by 29 points. Among sectors, Metal index bounced back sharply, rallied over three per cent, whereas profit booking was seen in PSU Bank index as a result PSU Bank index shed over one per cent. Technically, after two-day correction the market witnessed range-bound activity near 10-day SMA (Simple Moving Average). On daily charts it has formed small bearish candle and on intraday charts, the index consistently witnessing selling pressure at higher levels. “For the day traders now, 66,150 points would be the key support level, if the index succeeds to trade above the same, then we could expect one quick pullback rally till 66,600-66,700 levels,” says Shrikant Chouhan of Kotak Securities. On the flip side, dismissal of 66,150 points could accelerate the selling pressure. Below the same, the index could slip till 66,000-65,800 levels.