Mkt is indecisive between bulls and bears

Mumbai: The benchmark indices witnessed narrow range activity. The Sensex was down by 297 points. Among sectors, FMCG and Media indices gained over 1 percent, whereas the Metal index corrected sharply, shed 5.40 per cent.

Technically, after a gap down, the market hovered between the 82,000 to 82,400 price range throughout the day. The narrow range activity on intraday charts and the small-candle on daily charts indicate indecisiveness between the bulls and the bears.

“We are of the view that as long as the market trades above 82,000, a positive sentiment is likely to continue,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities. On the higher side, the market could move up to 82,800. Further upside may also extend, potentially lifting the index up to 83,000-83,200. On the flip side, if the market falls below 82,000, weakness is likely to increase. In such a case, we could see a quick intraday dip down to 81,500-81,200.