Market hovering in indecisiveness

The benchmark indices witnessed narrow-range activity. The Sensex was down by 43 points. Among sectors, buying was seen in selective oil and gas, FMCG stocks, while IT stocks registered profit booking at higher levels, resulting in the IT index shedding nearly 1 per cent.

Technically, after a muted open, the entire day saw the market hover between 85,250 and 85,700, indicating intraday non-directional activity and indecisiveness between bulls and bears.

Shrikant Chouhan, Head Equity Research, Kotak Securities, said: “For day traders, now, 85,250 and 85,000 would be key support zones. As long as the market trades above these levels, the bullish sentiment is likely to continue.

“On the higher side, 85,800 would be the immediate breakout zone. A successful breakout of 85,800 could push the market up to 86,100-86,300. However, below 85,000, the uptrend would become vulnerable.”