Market is indecisive between bulls and bears

The benchmark indices experienced narrow-range activity, with the Sensex declined by 27 points.

Among sectors, Defence, Pharma, and Healthcare indices rallied over 1 per cent. Technically, after a muted open, the market hovered throughout the day within the 82,000 to 82,500 range. The intraday activity was non-directional, with bearish candle on the daily charts indicating indecisiveness between bulls and bears.

“We are of the view that the current market texture is non-directional, and traders are likely waiting for either side to breakout,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities. On the higher side, 82,600 would be the immediate breakout zone for traders.

Above this level, the market could rally towards 82,900-83,000. On the flip side, below 82,000, selling pressure is likely to accelerate. If the level is breached, the market could slip to 81,700-81,600.