Uptrend wave may continue for now
The benchmark indices continued positive momentum for two sessions in a row as BSE Sensex was up by 126 points.
image for illustrative purpose
Mumbai: The benchmark indices continued positive momentum for two sessions in a row as BSE Sensex was up by 126 points. Among sectors, buying interest was seen in insurance stocks whereas despite positive sentiments intraday profit booking was seen in media and FMCG stocks.
Technically, positive consolidation formation on daily charts and higher bottom formation on intraday charts indicating continuation of uptrend wave in the near future.
"For the trend following traders now 61,000 would be the trend decider level," says Shrikant Chouhan, head (equity research-retail), Kotak Securities. Above which, the will rally till 61,500-61,700. On the flip side, below 61,000 uptrend would be vulnerable. Below the same the index could slip till 60,700-60,500.
