Sensex in higher high and higher low formation
The support has shifted to 62,350 from 62,000, as long as the index is trading above 62,350, uptrend wave is likely to continue till 63,100-63,300; On the flip side, selling pressure is likely to accelerate, if index trades below 62,350
image for illustrative purpose
Mumbai: On last Tuesday, the benchmark indices registered a fresh all-time high, after a promising uptrend rally. BSE Sensex was up by 177 points. Among sectors, FMCG and Metal indices rallied over one per cent, whereas some profit booking was seen in selective auto stocks. Technically, the market is consistently holding higher high and higher low formation, which is broadly positive.
"We are of the view that, the support has shifted to 62,350 from 62,000." says Shrikant chouhan, Head of Equity Research ( Retail), Kotak Securities. As long as the index is trading above 62,350, uptrend wave is likely to continue.
Above which, the market could move up to 63,100-63,300, he said. On the flip side, selling pressure is likely to accelerate, if the index succeeds to trade below 62,350. Below the same, it could slip till 62,000.
