Sensex forms bullish candle
On Wednesday, the benchmark indices bounced back sharply as BSE Sensex was up by 377 points.
Representational image
Mumbai: On Wednesday, the benchmark indices bounced back sharply as BSE Sensex was up by 377 points. Among sectors, Metal index bounced back sharply, rallied over four per cent whereas FMCG and Reality stocks underperformed.
Technically, after a strong opening entire day the index held the positive momentum, it also formed bullish candle on daily charts which is broadly positive.
"However, 61,000 could be the next profit booking zone for the bulls. For traders, as long as the index is trading above 60,350 points, the uptrend wave will continue," says Shrikant Chauhan, of Kotak Securities.
Above the same, the market could move up to 61000 further upside may also continue which could lift the index till 61,200. On the flip side, below 60,350 points, uptrend would be vulnerable.
