Bullish momentum is likely to continue
Above 83,600 it may move up to 84,000-84,200. Below 83,000, it is likely to retest the levels of 82,700-82,500
Bullish momentum is likely to continue
Mumbai: The benchmark indices continued their positive momentum, with the Sensex was up by 478 points. Among sectors, the PSU Bank index outperformed, rallying 1.35 per cent, whereas the IT index lost the most, shedding over 1.5 per cent.
Technically, after a strong open, the market witnessed range-bound activity throughout the day. On the lower side, it took support near the 20-day SMA (Simple Moving Average) or 83,000, while 83,600 remains the crucial resistance zone for short-term traders.
Shrikant Chouhan, Head - Equity Research, Kotak Securities, said: “We believe that the 20-day SMA or 83,000 will act as an immediate reference point for day traders. As long as the market is trading above this level, the bullish momentum is likely to continue.
“On the higher side, 83,600 would be the key resistance area for the bulls. A successful breakout of 83,600 could push the market up to 84,000-84,200.
On the flip side, below 83,000, sentiment could change. If the market falls below this level, it is likely to retest the levels of 82,700-82,500.
