Market may weaken, though temporarily
The market may experience a temporary dip due to global uncertainties, profit booking, and investor caution. Experts anticipate short-term weakness but long-term trends remain intact.
Market may weaken, though temporarily
Mumbai, June 18
The benchmark indices witnessed profit booking at 81,850. The Sensex was down by 140 points.
Among sectors, the Consumer durables index was the top gainer, gaining 0.90 per cent, whereas the Nifty Media and Capital Markets indices shed nearly 1 per cent.
Technically, Sensex has formed indecisive pattern at equilibrium levels on daily charts that indicate at temporary weakness.
“We believe that as long as the market is trading below 81,400, the weak sentiment is likely to continue. On the downside, 81,250 would be the immediate support zones for traders,” says Shrikant Chouhan, Head Equity Research, Kotak Securities.
Below this, the market could slip to 80,600. On the flip side, above 81,850, the sentiment could change. If it moves above this level, it could rally up to 82,100-82,500.
EoM.
