Sensex trading in consolidation mode
For the day traders now, 65,300pts would act as a trend decider level, above which, it could rally till 65,600 level
image for illustrative purpose
Mumbai The benchmark indices continued the range-bound activity; where the 30-share benchmark index BSE Sensex was up by 213 points. Among sectors, PSU Bank index outperformed and rallied over 1.70 per cent, whereas Energy and FMCG indices witnessed intraday profit booking at higher levels.
Technically, after early morning intraday selloff the market took the support near 65,100 points and bounced back sharply. However, it failed to surpass the key resistance level of 65,600 points.
“Currently, the index is witnessing positive consolidation. For the day traders now, 65,300 points would act as a trend decider level. Above which, the index could rally till 65,600 levels,” says Shrikant Chouhan of Kotak Securities. Further upside may also continue which could lift the index till 65,800 levels. On the flip side, below 65,300 points, the index could retest the level of 65,100-65,000.
