Charts indicate further uptrend
On Wednesday, the benchmark indices continued positive momentum as BSE Sensex was up by 242 points. Among sectors, Reality, IT and Auto indices rallied over one per cent whereas intraday profit booking was seen in selective FMCG stocks.
Markets begin 2024 on flat note
Mumbai: On Wednesday, the benchmark indices continued positive momentum as BSE Sensex was up by 242 points. Among sectors, Reality, IT and Auto indices rallied over one per cent whereas intraday profit booking was seen in selective FMCG stocks.
Technically, post 61,000 breakout the market is comfortably trading above 60,750 which is largely positive.
It also formed a bullish candle and higher bottom formation on intraday charts which supports further uptrend from the current levels. For the trend following traders now, the 61,000 level would act as a key support zone, above which the index could move up to 61,500-61,700 points. On the flip side, below 61,000 bulls may prefer to exit out from the trading long position.
