Sensex holding breakout continuation

Mumbai: On Wednesday, the benchmark indices continued the positive momentum, BSE Sensex registered a fresh all time high of 69,744 points. After promising uptrend rally, the Sensex was up by 357 points. Among sectors, media, energy and IT stocks outperformed whereas pharma and healthcare stocks witnessed profit booking at higher levels.

Technically, on daily and intraday charts, the index is holding breakout continuation, which is largely positive. For the trend following traders, the support has shifted to 69,300 from 68,600. “We are of the view that, as long as the index is trading above 69,300 points, the positive sentiment is likely to continue. Above which, the market could rally till 69,900-70,200 points,” says Shrikant Chauhan of Kotak Securities. On the flip side, below 69,300 the uptrend would be vulnerable. Below the same, the market could retest the level of 68,900-68,600.