Short-term uptrend likely
image for illustrative purpose
The benchmark indices continued narrow range activity with the Sensex closing at 61,905 Among sectors, pharma and selective metal stocks corrected sharply. Technically, after a promising uptrend rally, the market witnessed range bound activity.
However, the short-term uptrend formation is still in the positive. In addition, the index is consistently forming higher bottom formation which is also supportive for the bulls. “We are of the view that, as long as the index is trading above 61,500 the uptrend formation is likely to continue. Above which, the index could move up till 62,300 -62,500,” says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
On the flip side, below 61,500 the market could slip till 61,300-61,200
