Mumbai: On Thursday, the benchmark indices witnessed narrow range activity as BSE Sensex was down by 65 points. Among sectors, Media index was the top gainer, rallied nearly three per cent whereas IT index shed over 1.5 per cent.
Technically, after a muted opening the Nifty witnessed a range-bound activity near 20-day SMA (Simple Moving Average). Small candlestick formation and lackluster intraday activity are indicating incisiveness between the bulls and bears. Technical set up indicating that range-bound activity is likely to continue in the near future.
“Now, for the day traders buying on intraday corrections and sell on rallies would be the ideal strategy,” says Shrikant Chouhan of Kotak Securities. For traders, the 66,200-66,000 would be the key supports levels, while 66,600-66,800 would act as an important resistance area.
