Medium-term outlook of market is positive
The medium-term outlook of the market remains positive, backed by strong economic indicators, investor confidence, and corporate earnings growth.
Medium-term outlook of market is positive
Mumbai, June 24
Today, the benchmark indices witnessed a volatile trading session. After a roller coaster activity, the Sensex was up by 158 points. Among sectors, the PSU Bank index gained the most, rallying 1.40 per cent, whereas the Defense index lost the most, shed 2.35 per cent.
Technically, on the backdrop of strong global sentiment, our market opened with a gap up, but once again, it registered selling pressure at higher levels. From the day's highest level, the market corrected over 1,000 points. It also formed a bearish candle on the daily charts, indicating temporary weakness. However, the medium-term outlook of the market remains positive.
“We are of the view that 82,000 would act as a key support zone for day traders. Above this level, we could expect a technical bounce back up to 82,500-83,000,” says Shrikant Chouhan, Head Equity Research, Kotak Securities.
On the flip side, if the market falls below 82,000, it could extend the correction up to 81,600-81,500. The current market texture is volatile and non-directional; hence, level-based trading would be the ideal strategy for day traders.
