Short term trading setup indicates further uptrend
For the traders 54,300 would be the trend deicer level, above which it could move till 55,000-55,200; on the flip side, below 54300 the index could slip up to 54,000
image for illustrative purpose
Mumbai: Bulls continued positive momentum for third day in a row, the Sensex was up by 246 points. Among Sectors, strong buying was seen in Reality and Banking stocks. Amid sectoral indices, Reality was the top gainer, rallied nearly 2.5 per cent.
Technically, the Sensex not only cleared the short term resistance of 54,500 but it succeeded to close above the same which is broadly positive. In addition, it also holding higher bottom formation and on daily charts it has formed long bullish candle.
"The short term trading setup is indicating further uptrend from the current levels. For the traders now 54,300 would be the trend deicer level. Above which the index could move till 55,000-55,200. On the flip side, below 54300 the index could slip up to 54,000," says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
