Short-term texture still non-directional
image for illustrative purpose
Mumbai: On Monday, the benchmark indices witnessed a range-bound activity, after a lackluster momentum, BSE Sensex closed at 62,835 points.
Among sectors, metal stocks continued positive momentum. As a result, Metal index rallied over 1.85 per cent, whereas some profit booking was seen in selective IT and digital stocks.
Technically, after early morning selloff, the index took the support near 62,500 and reversed sharply. However, the short-term texture of the market is still non directional.
"We are of the view that, 62500 could act as sacrosanct support zone for the market. If the index succeeds to trade above the same then it could retest 63,100-63,400 in the near future," says Shrikant chouhan, head (equity research-retail), Kotak Securities.
On the flip side, below 62,500, selling pressure may accelerate. As a result, below the same it could slip till 62,200-62,000.
