Market is largely negative
Below 83000-82500 level, it may slip to 82200-82000 levels;However, above 83,000, it may rise to 83500-83800 range
Market is largely negative
Mumbai: In the last session of the week, the benchmark indices witnessed volatile activity. After a roller-coaster session, the Nifty ended 0.37 percent higher, while the Sensex was up by 190 points.
Among sectors, the PSU Bank index outperformed, rallying 5.38 percent, whereas the Media, Reality, and IT indices lost the most, shedding over 2 percent.
During the week, the market bounced back from lower levels; however, due to profit booking at higher levels, it again corrected sharply.
Technically, on daily and intraday charts, the market is still exhibiting a lower top formation and is currently trading below the 50 day SMA, which is largely negative.
”We are of the view that as long as the market remains below the 50-day SMA or 83000, the weak sentiment is likely to persist on the downside, and the market could retest the level of 82500,” says Amol Athawale, VP Technical Research, Kotak Securities.
Further downside may also continue, potentially dragging the index to the 200-day SMA or 82200-82000.On the flip side, if the market moves above 83000, it could rise to the 83500-83800 range.
