Short-term mkt texture still on weak side
On Monday, the benchmark indices bounced back sharply, where the 30-share benchmark index BSE Sensex was up by 79 points. Among sectors, Media and IT stocks witnessed buying interest, whereas Metal index shed over 2 per cent.
image for illustrative purpose
MUMBAI On Monday, the benchmark indices bounced back sharply, where the 30-share benchmark index BSE Sensex was up by 79 points. Among sectors, Media and IT stocks witnessed buying interest, whereas Metal index shed over 2 per cent.
Technically, after early morning sell-off, the NSE Nifty took the support near 50-day SMA (Simple Moving Average) and bounced back sharply. From the day lowest point, the market rallied over 680 points.
However, the short-term texture of the market is still in to the weak side. For the day traders now, 65,100 points would act as a trend decider level, above which, the pullback rally is likely to continue. Above the same, the market could move up till 65,600-65,800 levels. On the flip side, fresh sell-off is possible only after dismissal of 65,100 points. Below the same, the index could retest the level of 64,800-64,700 or 50-day SMA.
