Sensex hovering in non-directional mode
The market benchmark consistently taking resistance near 60,100 level, which would be key breakout level for bulls; On the flip side, fresh round of selling possible only after dismissal of 59,500, below which, it could slip till 59,200-59,000pts
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Mumbai: On the last day of October F&O expiry series, the benchmark indices registered volatile activity, the BSE Sensex was up by 212 points. Among sectors, Reality and Metal indices bounced back sharply. Reality index rallied over 3 per cent and Metal index gained over 2.5 per cent, whereas intraday profit booking was seen in selective IT stocks.
Technically, from last three days, the index consistently taking resistance near 60,100 level and conversely, regularly taking support near 59,500.
"We are of the view that, the current market texture is non-directional perhaps traders are waiting for either side confirmation. For the bulls now, 60,100 would be the key breakout level, above which the index could move up to 60,400-60,700," says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities. On the flip side, fresh round of selling is possible only after dismissal of 59,500. Below the same, the index could slip till 59,200-59,000.
