Uptrend continuation likely
Above 60,250, uptrend formation is likely to continue till 61,000-61,200; On the flip side, below 60,250, traders may prefer to exit out from trading at long positions, could retest 59,900 mark
image for illustrative purpose
Mumbai: The benchmark indices, held the positive momentum, the BSE Sensex rallied over 786 points. Among Sectors, all the major sectoral indices were traded in the green but IT, digital and auto shares outperformed.
Technically, after a gap up opening, the market held the positive momentum throughout the day. In the last hour of trade, the Nifty breached 60,700 level and succeeded to close above the same. In addition, bullish candle and higher bottom formation indicating continuation of uptrend in the near future.
"We are of the view that, as long as the index is trading above 60,250 the uptrend formation is likely to continue, above which the index could touch 61,000-61,200," says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
On the flip side, below 60,250 traders may prefer to exit out from the trading long positions. Below the same, the index could retest 59,900 mark.
