Mkt is largely negative
Sensex gains 260 points amid range-bound trading; digital stocks rise 1.35% while financials see profit booking. Market remains below 20-day SMA at 81,300, indicating a non-directional trend with key levels at 80,500 and 81,300 to watch.
Mkt is largely negative
Mumbai, June 04
Today, the benchmark indices witnessed range-bound activity. The Sensex was up by 260 points. Among sectors, the Digital index gained 1.35 per cent, whereas selective financial stocks registered intraday profit booking at higher levels.
Technically, after a muted open, the market witnessed some recovery from the lower levels. However, it is still trading below the 20-day SMA (Simple Moving Average) of 81300, which is largely negative.
Shrikant Chouhan, Head - Equity Research, Kotak Securities says, "We believe that the current market structure is non-directional, and the intraday formation indicating range-bound activity is likely to continue in the near future."
For traders, the key levels to watch are 80,500 and 81,300. A move above the 20-day SMA or 81,300 could see the market rallying toward 24,?81,500-81,800.
Conversely, a dismissal of 80,500 could accelerate selling pressure, with the market potentially slipping to 80,100-80,000.
EoM.
