Further uptrend likely
61,500 level would be sacrosanct support zone for bulls, above which it could retest 62,200-62,300; On the flip side, below 61,500 uptrend would be vulnerable, could further slip till 61,200-61,100
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On the last day of Monthly F&O series day, the benchmark indices witnessed volatile trading session on Thursday as BSE Sensex was up by 99 points. Among sectors, Reality and Digital indices gained nearly one percent, whereas intraday profit booking was seen in PSU Banks and Pharma stocks.
Technically, after morning intraday selloff, once again the nifty took the support near 20-day SMA (Simple Moving Average) and bounced back sharply. It also formed bullish candle on daily charts which supports further uptrend from the current levels.
“We are of the view that, 20-day SMA or 61,500 would be the sacrosanct support zone for the bulls. Above the same, the index could retest the level of 62,200-62,300,” says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
On the flip side, below 20 day SMA or 61,500 uptrend would be vulnerable. Below the same, the market could slip till 61,200-61,100 points.
