Charts indicating indecisiveness in market
For bulls, 62,650 and 62,500 would be key supports, while 63,000-63,200 could be crucial resistance areas; however, below 62,500 traders may prefer to exit out from trading long positions
image for illustrative purpose
On last Monday, on the backdrop of positive global cues the benchmark index the BSE Sensex was up by 345 points. Among sectors, buying was seen in metal, reality and financial stocks, whereas IT stocks witnessed intraday profit booking at higher levels.
Technically, after a gap-up opening entire day, the market hovered between 62,800 to 63,025. After gap-up opening the index has formed small candle which indicating indecisiveness between the bulls and bears. “We are of the view that, the market texture is still in to the bullish side, but the buy on intraday corrections and sell on rallies would be the ideal strategy for the day traders,” says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities. For the bulls now, 62,650 and 62,500 would be the key supports zones while 63,000-63,200 could be the crucial resistance areas. However, below 62,500 traders may prefer to exit out from the trading long positions.
