Short-term texture is range bound

Mumbai: On Wednesday, the benchmark indices witnessed volatile trading session as BSE Sensex was up by 34 points. Among sectors, Reality index outperformed, rallied over 1.5 per cent whereas IT lost the most, shed 1.20 percent. Technically, after early morning intraday sell off the market took the support and bounce back sharply. From the day lowest point market rallied over 1,550 points.

“We are of the view that, the short-term market texture is still range bound and for the bulls now, 70,000 would act as a crucial resistance zone. Post 70,000 breakout, the index could rally till 70,300,” says Shrikant Chouhan, head (equity research), Kotak Securities.

On the flip side, below 69,400 level, the uptrend would be vulnerable. Below the same, the market could retest the level of 69,200 points. Further down side may also continue, which could drag the index till 69,000.