Market is largely positive
85,000 and 85,300 would act as key support zones, 86,000-86,200 would act as immediate resistance levels
Market is largely positive
The benchmark indices witnessed a stellar rally. The Sensex was up by 1023 points. Among sectors, all the major sectoral indices traded in the green, but the Metal index outperformed today, rallying over 2 per cent.
Technically, on daily charts, the index has formed a promising reversal pattern, and a long bullish candle has appeared, which is largely positive. “For trend-following traders now, 85,000 and 85,300 would act as key support zones,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.
As long as the market is trading above these levels, the bullish formation is likely to continue. On the higher side, 86,000-86,200 would act as immediate resistance levels for the bulls. However, below 85,000, the uptrend would become vulnerable.
