Charts indicate indecisiveness in mkt
57,900 would be the immediate support zone, below which it could slip till 57,600-57,500; on the flip side, fresh breakout possible only after 58,700
Mumbai: The benchmark indices witnessed profit booking at higher levels. BSE Sensex was down by 118 points. Among sectors, despite tepid market conditions the Pharma index outperformed, rallied over 2.30 per cent whereas, PSU Banks lost the most, shed over 1.5 per cent.
Technically, between the levels of 58,500-58,700 the market is consistently witnessing profit booking. In addition, after a promising uptrend rally the index has formed bearish candle, which indicating indecisiveness between the bulls and bears.
"For the traders now 57,900 would be the immediate support zone. Below the same the index could slip till 57,600-57,500," says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
On the flip side, a fresh breakout is possible only after 58,700. Above which, the index could move up to 59,000-59,200.
