Market is largely positive
81,000 would act as key support zone, while 81,800 is the immediate resistance area, above which it could move up to 82,200-82,400
Market is largely positive
The benchmark indices witnessed a volatile trading session. After a roller-coaster activity, the Sensex was up by 320 points. Among sectors, the Metal Index was the top gainer, rallying 3.35 per cent, whereas the Media Index lost the most, shedding over 1 per cent. Technically, after an early morning intraday dip, the market took support near 81,000 and bounced back sharply.
From the day’s lowest level, the market rallied over 950 points. On daily charts, the index has formed a long bullish candle, and on intraday charts, it formed a promising reversal pattern, which is largely positive.
Shrikant Chouhan, Head - Equity Research, Kotak Securities, said: “We are of the view that 81,400 and 81,000 would act as key support zones. As long as the market trades above these levels, a pullback formation is likely to continue. “On the higher side, 81,800 would be the immediate resistance zone for the bulls.
A successful breakout of 81,800 could push the market up to 82,200-82,400. On the flip side, below 81,000, sentiment could change. If the market falls below this level, traders may prefer to exit their long positions.”
