Uptrend formation is likely to continue
Above 83,000 to 83,300, uptrend may continue up to 84,700-85,000
Uptrend formation is likely to continue
The benchmark indices continued their positive momentum. The Sensex was up by 283 points.Among sectors, Metal index outperformed, rallying over 1 per cent, whereas the IT index lost the most, shed over 1.2 per cent.
Technically, after intraday correction market took support near 83,400 and reversed sharply.
On daily charts it has formed a bullish candle.
Shrikant Chouhan, Head - Equity Research, Kotak Securities, said:“We are of the view that, the short-term support has shifted from 83,000 to 83,300. As long as market is trading above the same the uptrend formation is likely to continue.”
On the higher side, 84,700-85,000 would act as a immediate resistance zone for the traders. On the flip side below 83,300 the sentiment could change, below the same traders may prefer to exit out from the trading long position.
