Intraday formation suggests positive bias
The benchmark indices on Wednesday witnessed a range-bound activity. BSE Sensex was up by 148 points. Among sectors, buying interest was seen in pharma and PSU banks stocks whereas intraday profit booking was seen in media and reality stocks.
Nifty forms Hammer on weekly chart
Mumbai: The benchmark indices on Wednesday witnessed a range-bound activity. BSE Sensex was up by 148 points. Among sectors, buying interest was seen in pharma and PSU banks stocks whereas intraday profit booking was seen in media and reality stocks.
Technically, after a gap-up opening, the market witnessed profit booking at higher level. However, the intraday formation is still in to the positive side.
“We are of the view that, for the traders now 58,050 would act as a sacrosanct support zone. Above the same, the market could move up to 58,500-58,700 points,” says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
On the flip side, below 58,050 selling pressure is likely to accelerate. Below the same, the index could retest level of 57,700-57,600.
