Sensex turns directionless post reversal formation
For traders now, 61,300 would be immediate support level, above which the index could retest 61,800-62,000 level; On the flip side, dismissal of 61,300 could accelerate selling pressure, below which, it could could slip till 61,000-60,900
image for illustrative purpose
Mumbai: The benchmark indices witnessed a volatile trading session after a roller coaster momentum. BSE Sensex was up by 91 points. Among sectors, PSU Banks and Media indices rallied over one per cent, whereas intraday profit booking was seen in selective media stocks. Technically, post reversal formation, the index has formed small bearish candle, which indicating indecisiveness between the bulls and bears.
"For the traders now, 61,300 would be the immediate support level. Above which, the index could retest the level of 61,800-62,000," says Shrikant chouhan, Head of Equity Research (Retail), Kotak Securities.
On the flip side, dismissal of 61,300 could accelerate the selling pressure, below which Nifty could slip till 61,000-60,900.
