Traders awaiting either side breakout

Mumbai: The benchmark indices continued positive momentum for the second day as BSE Sensex was up by 63 points. Among sectors, Energy index gained over one per cent whereas intraday profit booking was seen Media and selective IT stocks.

Technically, after a gap-up opening, the market witnessed intraday selling pressure at higher levels. However, eventually Sensex succeeds to close above 71,500 level, which is largely positive. “We are of the view that, the current market texture is non-directional perhaps traders are waiting for either side breakout,” says Shrikant Chouhan, head (equity research), Kotak Securities.

For the bulls now, the 72,100 would be the immediate breakout level, post breakout the market could rally till 72,400-72,600. On the flip side, below 72,100 uptrend would vulnerable. Below which, the market could retest the level of 71,800-71,650 points.