Market is largely negative
Key resistance is at 85,000-85,200 levels with a potential to move towards 85,500-85,700 zone, while 84,300 would act as an immediate support zone
Market is largely negative
The benchmark indices witnessed volatile trading session. After a roller coaster activity the Sensex was down by 359 points. Among sectors, Reality and PSU Banks indices outperformed today, both rallying nearly 1.50 per cent, whereas the Media Index lost the most, shedding nearly 0.70 per cent.
Technically, after a muted open once again, the market faced selling pressure near the 85,000 mark. It also formed a bearish candle on the daily charts and is holding a lower top formation on intraday charts, which is largely negative.
Shrikant Chouhan, Head - Equity Research, Kotak Securities, said: “We believe that the 85,000-85,200 zone remains a key resistance area for traders. As long as the market trades below this level, weak sentiment is likely to continue.
“On the downside, 84,300 would act as an immediate support zone for the bulls. Below this, the market could slip up to 84,000. On the higher side, a successful breakout above 85,200 could push the market towards 85,500-85,700.”
