Charts indicating lower high formation
On the last day of Monthly F&O expiry, the benchmark index BSE Sensex was down by 109 points
Mumbai: On the last day of Monthly F&O expiry, the benchmark index BSE Sensex was down by 109 points. Among sectors, reality and media stocks corrected sharply, both the indices shed over 1.5 per cent whereas some buying was seen in PSU banks and selective FMCG stocks.
Technically, the index on intraday charts is holding lower high formation, which is broadly negative. However, intraday texture is oversold and strong possibility of one quick pullback rally is not ruled out.
“For the bulls now, the 60,000 could be immediate trigger level, above 60,000 points, it could move up 60,200 further upsides may also continue. It could lift the index till 60,300," says Shrikant Chouhan of Kotak Securities.
On the flip side, the 59,400 and 59,300 levels would be the immediate strong support zone for the traders. Short-term traders should remain cautious and be very selective as there is a risk to get trapped at lower levels.
