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Market in non-directional activity

The Benchmark indices corrected sharply, BSE Sensex was down by 537.

Market in non-directional activity
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Mumbai: The Benchmark indices corrected sharply, BSE Sensex was down by 537. On Wednesday, the Sensex opened with a gap down and maintain the negative stance throughout the day. Among sectors, all the major sectoral indices traded in the red, but financial lost the most, shed over 1.5 per cent. Technically, the market is witnessing non directional activity, once again, the index succeeds to close below 50 day SMA and post gap down opening, it has formed bearish candle.

"For the traders now, 57,400 would be the immediate resistance level. If the index clears the resistance of 57,400 then it may hit the level of 57,700," says Shrikant Chouhan, head (equity research-retail), Kotak Securities. However, trading below 56,900 could increase further weakness. Below 56,900 chance of hitting 56,600-56,400 would turn bright, he added.

Indian benchmark indexes concluded the tumultuous day on a negative note. The Sensex closed at 56,819.39, down 537.22 points, or 0.94 per cent. Around 1146 shares have increased in value, 2140 shares have decreased in value, and 107 shares have remained steady.

Kumud Das
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