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Uptrend may continue in near future

For now, 62,200-62,000 would be sacrosanct support zones, above which the index may hit fresh all time high of 62,750-63,000; On flip side, below 62,000, uptrend would be vulnerable, below which, traders may prefer to exit from trading long positions

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Uptrend may continue in near future
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29 Nov 2022 12:04 AM IST

Mumbai: The benchmark indices held the positive momentum, BSE Sensex was up by 211 points. Among sectors, Oil and Gas and Energy indices rallied most, whereas metal stocks corrected sharply as a result Metal index shed over one per cent.

On the backdrop of weak market conditions our market opened with a red, but after early morning correction, it bounced back sharply. Higher bottom formation on intraday charts indicate, continuation of uptrend in the near future.

"For the trend following traders now, 62,200-62,000 would be the sacrosanct support zones. Above which, the index may hit the fresh all time high of 62,750-63,000," says Shrikant chouhan, Head of Equity Research ( Retail), Kotak Securities.

On the flip side, below 62,000, uptrend would be vulnerable. Below the same, traders may prefer to exit out from the trading long positions.

BSE Sensex benchmark indices metal stocks 
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