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Sensex may decline further

Mkt texture is weak and correction wave is likely to continue till 56,900-56700; on the flip side, 57,350 would be key intraday resistance zone, above which, minor pullback rally possible till 57,500-57,600

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Mumbai: On Tuesday, the benchmark indices corrected sharply, the BSE Sensex was down by 844 points. Among Sectors, all the major sectoral indices were traded in the red, but Reality lost the most, shed over 3 per cent. Technically, after muted opening, the index corrected sharply and breached the important support level of 57,700. Post breakdown, it intensified the weak momentum.

Long bearish candle on daily charts and lower high formation on intraday charts are indicating further weakness from the current levels. We are of the view that, the texture of the market is weak and correction wave is likely to continue till 56,900-56700. On the flip side, 57,350 would be the key intraday resistance zone, above which, minor pullback rally possible till 57,500-57,600.

Kumud Das
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