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Medium-term texture still on positive side

For the traders now, 59,800 would be key resistance area, below which it could slip till 59,200-59,000; On the flip side, a fresh uptrend rally possible only after 59,800 breakout level, above which, the index could move up to 60,000-60,200

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Mumbai: On Tuesday, the benchmark indices witnessed range-bound activity. The BSE Sensex was down by 287 points. Among sectors, PSU Bank index outperformed, rallied over three per cent whereas, FMCG and Energy stocks registered profit booking at higher levels. "Technically, after a gap-up opening, the index consistently facing profit booking at higher levels," says Shrikant Chouhan of Kotak Securities.

However, the medium-term texture of the market is still in the positive mode. For the traders now, 59,800 would be the key resistance area, below the same the index could slip till 59,200-59,000.

On the flip side, a fresh uptrend rally possible only after 59,800 breakout level. Above which, the index could move up to 60,000-60,200. Contra traders can take long bet near 59,000 with strict 58,900 support stop loss.

Kumud Das
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