Range-bound texture may continue
Mumbai: On Tuesday, the benchmark indices witnessed lackluster activity as BSE Sensex down by 78 points. Among sectors, auto stocks witnessed some buying interest whereas after a sharp uptrend rally, intraday profit booking were seen in PSU banking stocks.
Technically, currently the benchmark indices are witnessing a narrow-range activity. On daily charts, the index has formed inside body candle that also indicating continuation of range bound texture in the near future.
“For the day traders now, the 66,225 would be the immediate resistance level, while 65,800 would act as a key support zone. Above 66,225 points, the index could move up till 66,500-66,600,” says Shrikant Chouhan of Kotak Securities. On the other side, Below 65,800 the market could slip till 65,500-65,400. The current market texture is non-directional. Hence, levels based trading would be the ideal strategy for the day traders.