Market is hovering in indecisiveness

Mumbai: The benchmark indices witnessed a range-bound trading session. The Sensex was down by 32 points. Among sectors, the Auto Index was the top gainer, rallying 1 per cent, whereas the FMCG index corrected sharply, shedding over 3 per cent.

Technically, after a sharp rally today, the market experienced narrow-range activity. It also formed a small candle on the daily charts, indicating indecisiveness between the bulls and the bears.

“We believe that the short-term texture of the market is upward, but a fresh uptrend rally is only possible after the dismissal of 85,500,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.

Above this level, the market could move up to the 85,800-86,000 range. On the flip side, 84,800 and 84,700 remain crucial support zones.

Below 84,700, the sentiment could change. If the market falls below this level, traders may prefer to exit their long positions.