Market is largely negative
Market sentiment turns largely negative as broader indices face selling pressure and investor confidence weakens amid global and domestic uncertainties. Analysts expect heightened volatility in the near term.
Market is largely negative
Mumbai, Nov 25
Today, the benchmark indices witnessed volatile trading session. After a roller coaster activity the Sensex was down by 359 points. Among sectors, Reality and PSU Banks indices outperformed today, both rallying nearly 1.50 per cent, whereas the Media Index lost the most, shedding nearly 0.70 per cent.
Technically, after a muted open once again, the market faced selling pressure near the 85,000 mark. It also formed a bearish candle on the daily charts and is holding a lower top formation on intraday charts, which is largely negative.
“We believe that the 85,000-85,200 zone remains a key resistance area for traders,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.
As long as the market trades below this level, weak sentiment is likely to continue. On the downside, 84,300 would act as an immediate support zone for the bulls. Below this, the market could slip up to 84,000.
On the higher side, a successful breakout above 85,200 could push the market towards 85,500-85,700.
