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Fresh uptrend rally likely

The benchmark indices continued profit booking at higher levels, BSE Sensex was down by 159 points. Among sectors, IT and Media indices corrected sharply whereas some buying interest were seen in Metal stocks. Technically, from the last three days the market witnessing selling

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Mumbai: The benchmark indices continued profit booking at higher levels, BSE Sensex was down by 159 points. Among sectors, IT and Media indices corrected sharply whereas some buying interest were seen in Metal stocks. Technically, from the last three days the market witnessing selling

pressure at higher levels. However, the Medium-term texture of the market is still into the positive side. Currently the nifty is trading near 200-day SMA (Simple Moving Average) level and the texture suggesting strong possibility of fresh uptrend rally from the current levels.

“For the bulls now, fresh uptrend rally possible only after dismissal of 59,750 above which, the market could retest the level of 60,000-60,200,” says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities. On the flip side, as long it is trading below 59,750 the correction wave is likely to continue. Below the same, the index could slip till 59,300-59,200.

Kumud Das
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