Sensex forms small bullish candle
As long as the index is trading above 52,900 the uptrend formation is intact, above which it could move up to 53,500-53,700; on the flip side, fresh round of selling is possible below 52,900
image for illustrative purpose
Mumbai: The benchmark indicesbenchmark indices witnessed range bound activity, the Sensex was up by 16 points. Among sectors, some buying was seen in Metal and Auto stocks. Whereas, Banking and financial stocks were under pressure. Technically, after an early morning sell off the index took the support near 52,750 and bounce back sharply. It also formed small bullish candle on daily charts.
"We are of the view that, as long as the index is trading above 52,900 the uptrend formation is intact. Above which the index could move up to 53,500-53,700," says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
On the flip side, fresh round of selling is possible, if the index succeeds to trade below 52,900. Below which, it could retest the level of 52,700-52,500.
