Sensex likely to be range bound in near future
For traders, 54,100 would act as sacrosanct support levels, on the flip side 54,750 would be the immediate resistance level; below 54,100 the index could slip till 53,900 level
image for illustrative purpose
Mumbai: The benchmark indices witnessed profit booking at higher levels, after a volatile trading session, Sensex was down by 87 points. Among sectors, IT was the biggest loser, corrected over 3 per cent, while the metal and energy stocks bounced back and rallied over 2 per cent.
Technically, after the early morning selloff, the Sensex took the support near 54,100 and recovered sharply. From the days lowest level, Sensex rallied over 295 points. "We are of the view that the market is likely to continue the range bound activity in the near future. For the traders, 54,100 would act as a sacrosanct support levels, on the flip side 54,750 would be the immediate resistance level," says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
So long as index is trading above 54,100, the uptrend wave is likely to continue till 54,750/54,950, on the flip side below 54,100, the index could slip till 53,900 level.
