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Charts suggests Sensex still in weak zone

Index could move up to 54,400-54,200 if it trades below 54,650; on the other side, 55,400 would act as immediate hurdle for the mkt

Indian market will stabilize only when the US market stabilizes tells investment strategists
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Indian market will stabilize only when the US market stabilizes tells investment strategists

Mumbai: The benchmark indices witnessed a volatile trading session. After a roller coaster activity, the Sensex was down by 258 points. Among sectors, some buying interest was seen in reality and selective media stocks, profit booking continued in FMCG and energy stocks.

On Wednesday, the market turned positive after RBI retained GDP growth forecast at 7.2 per cent and hiked policy rate by 50 basis points. But post sharp intraday price surge once again the Nifty/Sensex took the resistance near 55,400 and corrected sharply.

Technically, on daily charts, the index has formed bearish candle which suggest continuation of weakness in the near future. In addition, a late afternoon intraday sell off from the day highest level also indicating further weakness from the current levels.

"We are of the view that, the short term market texture is weak and further weakness possible if the index succeeds to trade below the level of 54,650. Below which it could move up to 54,400-54,200," says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

On the other side, 55,400 would act as immediate hurdle for the market. Above the same, it would retest the level of 55,700-55,800.may also continue which could drag the index up to 54,500.

Kumud Das

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