Uptrend likely to continue
For Sensex, 63,200 will be trend decider level
image for illustrative purpose
Mumbai: On Tuesday, the benchmark indices witnessed a volatile trading session, Sensex was up by 159.4 points.
Among sectors, selective IT stocks registered buying interest at lowerlevels whereas profit booking continues in media stocks.As a result, media index shed over 1 per cent.
“Technically, after early morning intraday selloff one more time, theindex took support near 62,800 and bounced back sharply. From the day’s lowest level, the index rallied over 600 points,” said ShrikantChouhan, Head of Equity Research (Retail), Kotak Securities.
On intraday charts, the index has formed double bottom formation whichindicating continuation of uptrend formation in the near future.
For the day traders now, 63,200 would be the trend decider level.Above the same, the index could rally till 63,700-63,800.
On the otherside, below 63,200 the selling pressure is likely to accelerate. Belowthe same, the market could retest the level of 62,800-62,700.
