Further uptrend possible from current levels

In the last session of the week, the benchmark indices continued their positive momentum. The Sensex was up by 1450 points. Among sectors, Capital Market and Reality indices outperformed, with Capital Market gaining 5 per cent and Reality up by 4 per cent, whereas Media and IT indices lost the most.

Media down by 2.40 per cent and IT by 1.80 per cent. Technically, on daily and intraday charts, the indices are holding higher high and higher low series formation. On weekly charts, a long bullish candle has formed, which supports the possibility of further uptrend from the current levels.

Amol Athawale, Kotak Securities, said: “We are of the view that the short-term market texture is bullish, but due to temporary overbought conditions, some profit booking may occur at higher levels.

“For traders, 83000-82400 would act as key support zones, while 84,400 and 85,300 would be the crucial resistance levels for the bulls. However, below 82400, the uptrend would become vulnerable.”