Mumbai: On Tuesday, the benchmark indices witnessed a range-bound activity. BSE Sensex was up by 62 points.
Among sectors, PSU Banks continued positive momentum second day in a row whereas Media and selective financial stocks registered intraday profit booking at higher levels. Technically, after a sharp bounce back, the market witnessed range-bound activity. On daily charts, the index formed small Doji candlestick formation, which indicates indecisiveness between the bulls and bears.
“We are of the view that, a minor intraday correction possible, if the index slips below 59,950 points, below which it could retest the level of 59,750-59,600 points,” says Shrikant Chouhan, head (equity research-retail), Kotak Securities.
On the flip side, a fresh uptrend wave possible only after dismissal of 60,300 post breakout the chances of hitting 60,600-60,700 would turn bright.
