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Sensex trading near 200-day SMA

Intraday formation is positive and it is heading towards 57,600-57,800; quick intraday correction is not ruled out, if the index trade below 57,000. Below the same, it may retest 56,800-56,700

Short-term formation on Sensex still weaker
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Short-term formation on Sensex still weaker 

Mumbai: The benchmark indices bounce back sharply, BSE Sensex was up by 776 points. The benchmark indices ended the day higher after snapping a two-day losing trend. The Sensex closed at 57,356.61, up 776.72 points, or 1.37 per cent. Among sectors, all the major sectoral indices were traded in the green but Reality and Energy gained the most, rallied over 3 per cent.

Technically, once again the index re-claimed the 57,000 mark and succeed to close above 50 day SMA which is grossly positive. After a promising pullback rally, the index is trading near 200 day SMA. For the short term traders, the support has shifted to 57,000 from 56,700.

"We are of the view that, the intraday formation is positive and it is heading towards 57,600-57,800," says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

On the flip side, quick intraday correction is not ruled out, if the index trade below 57,000. Below the same, it may retest the level of 56,800-56,700.

Around 1886 shares have increased in value, 1422 shares have decreased in value, and 108 shares have remained steady. ONGC, Apollo Hospitals, Axis Bank, Hindalco Industries, and Asian Paints were among the top Nifty gainers, while ONGC, Adani Ports, Hero MotoCorp, Power Grid Corp, and M&M were among the top Nifty losers. All of the sector indices closed the day in the green, with the auto, real estate, and power indices all gaining 2 per cent to 3 per cent. Midcap and small-cap indexes on the BSE gained 0.7-1.6 per cent.

Kumud Das
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