Market is largely positive
Market sentiment remains largely positive, driven by investor confidence, steady economic indicators, and gains across key sectors.
Market is largely positive
Mumbai, Dec 04
Today, the benchmark indices witnessed a volatile trading session. After a roller coaster activity, the Sensex was up by 159 points. Among sectors, the IT index gained the most, rallying 1.30 percent, whereas the Media index was the top loser, shedding over 1.55 per cent. Technically, after an early morning bounce-back, the market witnessed profit booking at higher levels. However, it managed to close above the 85,000 mark, which is largely positive.
“We believe that a reversal formation on daily charts, indicating a pullback, is likely to continue in the near future,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.
For day traders, now, 85,000 and 84,800 would act as key support zones. On the higher side, 85,500-85,650 would act as a crucial resistance area for the bulls. A successful breakout above 85,650 could push the market up to 86,000-86,200. On the flip side, if the market falls below 84,800, it could retest levels around 84,500-84,400.
