Sensex forms Doji on daily charts
60,700 and 60,500 would act as key support levels, the uptrend momentum is likely to continue above 60,700; On the flip side, traders may prefer to exit out, if the index succeed to trade below 60,700
Mumbai: On Monday, the benchmark indices witnessed volatile trading session, the BSE Sensex was up by 235 points. Among Sectors, PSU Bank index gained the most, rallied over 4 percent, whereas profit booking was seen in Pharma and Healthcare stocks.
Technically, it is consistently taking resistance near 61,400 levels. In addition, on daily charts the index has formed Doji candlestick formation, which indicating indecisiveness between the bulls and bears.
"For trend following traders now 60,700 and 60,500 would act as a key support levels, the uptrend momentum is likely to continue, if the index succeeds to trade above 60,700," says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
Above which, the index could hit 61,500-61,700 levels, he said. On the flip side, traders may prefer to exit out, if the index succeeds to trade below 60,700. Below which, it could retest the level of 60,400-60,200.
