Bullish momentum is likely to continue
Above 83,800 it may move towards 84,200-84500, below 82,700, the uptrend would become vulnerable
Bullish momentum is likely to continue
Mumbai: The benchmark indices continued their positive momentum. The Sensex was up by 174 points.Among sectors, PSU Banks was the top performer, rallying over 2.11 per cent, whereas the Metal index lost the most, shedding over 1 per cent.
Technically, after a gap-down open, the market took support near 83,000 and bounced back sharply. On intraday charts, it is holding an uptrend continuation formation and also formed a bullish candle on daily charts, which is largely positive.
“We are of the view that 83,000 and 82,700 remain the crucial support zones for traders,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.
As long as the market is trading above these levels, the bullish momentum is likely to continue. On the higher side, 83,700 would act as an immediate resistance zone for the bulls.
A successful breakout above 83,800 could push the market towards 84,200-84500. On the flip side, below 82,700, the uptrend would become vulnerable.
