Short-term texture suggests uptrend bias
image for illustrative purpose
Mumbai: On the April monthly F&O expiry on Thursday, the benchmark indices witnessed promising uptrend rally. BSE Sensex was up by 349 points. Among sectors, almost all the major sectoral indices witnessed buying interest, but Reality, Digital and IT indices outperformed, rallied over one per cent. Technically, post 60,400 intraday breakouts the market intensified the positive momentum. It also formed a bullish candle on daily charts which is grossly positive.
“The short-term texture suggest, the market is in to the strong uptrend and as long as the index is trading above 60,400 the positive sentiment is likely to continue market is in to the strong uptrend,” says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
Above the same, the market could move up to 60,800-61,000. On the other side, below 60,350 bulls may prefer to exit out from the trading long positions. Below which, the index could slip till 60,100-60,000pts.
