Market is largely negative
Below 82,500 it may slip up to 82,000-81,800 levels; Above the same, it could rebound towards 82,800-83,000 zone
Market is largely negative
The benchmark indices witnessed a volatile trading session. After a roller-coaster activity, the Sensex was up by 50 points.
Among sectors, the Metal Index outperformed, rallying 2.60 per cent. Technically, the market opened on a strong note, but after an intraday rally, it again witnessed profit booking at higher levels, which is largely negative.
“We are of the view that the 20-day SMA (Simple Moving Average) or 82,500 will act as an immediate resistance zone for day traders”, says Shrikant Chouhan, Head - Equity Research, Kotak Securities.
As long as the market trades below this level, the weak sentiment is likely to continue on the downside, with a potential slip toward the 200-day SMA or 82,000-81,800. Conversely, if the market moves above the 20-day SMA or 82,500, the pullback could extend toward 82,800-83,000.
