Mkt is indecisive between bulls and bears

The benchmark indices experienced a volatile trading session. After a roller coaster activity, the Sensex was down by 263 points. Among sectors, Capital Market, Consumer, and Defence indices shed over 1 percent, whereas selective Metal stocks saw intraday buying.

Technically, after an early morning intraday selloff, the market slipped below the 81,700 mark. However, due to temporary oversold conditions, it bounced back sharply. On daily charts, the market has formed a long-legged Doji candlestick formation, indicating indecisiveness between the bulls and the bears. Shrikant Chouhan, Head - Equity Research, Kotak Securities, said: “We believe that, given the intraday market volatility, level-based trading would be an ideal strategy for day traders. On the downside, 81,700 and 81,500 would act as key support zones, while 82,600 and 83,000 could serve as key resistance levels for the bulls. However, if the market falls below 81,500, sentiment could change. Below this level, traders may prefer to exit their long positions.”