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Post reversal formation, index in consolidating mode
On Monday, the benchmark indices bounced back sharply as BSE Sensex was up by 368 points. Among sectors, Metal index gained the most rallied over two per cent whereas profit booking continued in pharma and healthcare stocks.
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Mumbai: On Monday, the benchmark indices bounced back sharply as BSE Sensex was up by 368 points. Among sectors, Metal index gained the most rallied over two per cent whereas profit booking continued in pharma and healthcare stocks. For the bulls, now 61,400 would be the fresh breakout level to watch out, above which it could move up to 61,700-61,850.
"Technically, after a promising reversal formation, the index is consolidating between 60,700-61,400 price ranges," says Shrikant Chouhan, head of Equity Research (Retail), Kotak Securities.
On the flip side, below 18100/60700 strong possibility of quick intraday correction is not ruled out. Below the same, the index could slip till 61,400-61,300.
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