Sensex in Lower Top formation
On Wednesday, the benchmark index witnessed range-bound activity as BSE Sensex was down by 223 points. Among sectors, some buying interest were seen in selective PSU banks stocks, as a result PSU Banks index rallied 0.75 per cent.
image for illustrative purpose
Mumbai On Wednesday, the benchmark index witnessed range-bound activity as BSE Sensex was down by 223 points. Among sectors, some buying interest were seen in selective PSU banks stocks, as a result PSU Banks index rallied 0.75 per cent.
Technically, after a positive opening the index witnessed selling pressure at higher levels, on daily charts, the index has formed small bearish candle and it also formed lower top formation on intraday charts.
“We are of the view that, as long as the index is trading below 65,650 the weak sentiment is likely to continue. Below which, the market could slip till 65,100-65000,” says Shrikant Chouhan of Kotak Securities. On the flip side, above 65,650 the sentiment could change. Above the same, the market could retest the level of 65,900. Further upside may also continue which could lift the index till 66,200.
