Sensex forms long bearish candle
On last Tuesday, the benchmark indices corrected sharply. BSE Sensex was down by 631 points
Mumbai: On last Tuesday, the benchmark indices corrected sharply. BSE Sensex was down by 631 points.
Among sectors, PSU banks lost the most, shed over 2.5 per cent whereas some buying was seen in auto selective pharma stocks.
Technically, after a sharp pullback rally the market corrected sharply and close below 60,500 mark which is broadly negative. It also formed long bearish candle on daily charts that also support further weakness from the current levels.
"We are of the view that, the short-term texture of the market is volatile and non-directional. For the bulls now 60,500 would be the key level to watch out, above the same the market could retest the level of 60,800-61,000," says Shrikant Chauhan of Kotak Securities.
On the flip side 59,800 would act as a sacrosanct support zone, below the same the selling pressure is likely to accelerate. Below which, the index could slip till 59,500-59,400
