Further uptrend likely from current levels
The stock market continued range bound activity. The Sensex was up by 179 points. Among sectors, Media index gained the most, rallied over 1 per cent whereas profit booking continued in PSU banks and metal stocks.
image for illustrative purpose
Mumbai: The stock market continued range bound activity. The Sensex was up by 179 points. Among sectors, Media index gained the most, rallied over 1 per cent whereas profit booking continued in PSU banks and metal stocks.
Technically, after an early morning intraday correction, the index took the support near 61,500 and reversed. In addition, on intraday charts the index is consistently forming higher bottom formation which indicates further uptrend from the current levels.
“We are of the view that 61,500 would act as a sacrosanct support zone for the bulls. Above which, the market is likely to continue the positive trend till 62,300-62,500,” says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
On the flip side, profit booking possible only after dismissal of 61,500. Below the same, the chances of hitting 61,200 would turn bright
