Market is indecisive between bulls and bears
On the higher side, above 83,900 it may hit 84,200-84,500, however below the same, it could slip to 82,800-82,500
Market is indecisive between bulls and bears
The benchmark indices witnessed narrow-range activity. The Sensex was up by 79 points. Among sectors, the Consumer, Oil, and Gas indices rallied over 2 per cent, whereas the IT index corrected sharply, shedding nearly 6 per cent.
Technically, after a muted open, the market hovered between the 83,100 and 83,900 price range throughout the day. Intraday charts indicate non-directional activity, reflecting indecisiveness between bulls and bears.
Shrikant Chouhan, Head - Equity Research, Kotak Securities “We are of the view that, on the higher side, 83,900 or the 50-day SMA (Simple Moving Average) would act as crucial resistance zones. If the market manages to trade above these levels, it could move up to 84,200-84,500. Conversely, below 83,100, the index could slip to 82,800-82,500.”
The current market texture is non-directional; hence, level-based trading would be the ideal strategy for day traders.
