Short-term texture still bullish
The benchmark indices on Monday continued the positive momentum as BSE Sensex up by 317 points. Among sectors, Reality index gained the most, rallied over four per cent, whereas some profit booking was seen in selective energy and oil and gas stocks.
image for illustrative purpose
Mumbai: The benchmark indices on Monday continued the positive momentum as BSE Sensex up by 317 points. Among sectors, Reality index gained the most, rallied over four per cent, whereas some profit booking was seen in selective energy and oil and gas stocks.
Technically, after a muted opening, the market cleared the short-term resistance of 62,350 points, but due to intra-day profit booking at higher levels, it closed below 62,350 points. However, the short-term texture of the market is still on the bullish side.
“For the trend following traders now, 62,000 would act as a sacrosanct support zone,” says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
Above the same, the positive momentum is likely to continue. Above which, the index could retest the level of 62,550. Further upside may also continue which could lift the index till 62,850.
On the flip side, below 62,000 the uptrend would be vulnerable. Below the same, we could expect quick correction till 61,700-61,500.
