Uptrend likely to continue above 67,250
Market holding higher bottom formation, which indicating near-term rise
Mumbai: On Thursday, the benchmark indices witnessed range bound activity as BSE Sensex was up by 76 points. Among sectors, almost all the major sectoral indices were traded in the positive territory, but PSU Banks, Metal and Reality indices outperformed, gained over one per cent.
Technically, after a gap-up opening, the index witnessed intraday profit booking at higher levels.
However, the larger texture of the market is still in to the positive side. On intraday charts the market is holding higher bottom formation which indicating uptrend wave is likely to continue in the near future.
“We are of the view that, as long as the market is trading above 67,250 mark, the positive sentiment is likely to continue. Above which, the market could rally till 67,750-68,000,” says Shrikant Chauhan of Kotak Securities.
On the flip side, below 67,250 the selling pressure is likely to accelerate. Below which, the index could slip till 67,000-66,900.
Prashanth Tapse, senior V-P (research), Mehta Equities, says: “Nifty bulls held the fort above 20,100 as bullish consolidations was the preferred theme. Markets also took in their stride the spike in WTI oil prices to $89.50 a barrel. Oil prices are now flirting at their highest level in over ten months underpinned by tightening supplies and expectations that OPEC+ leaders would extend output cuts through the rest of the year.”
Technically speaking, bears to remain out of the picture as long as the benchmark is above the 19901 mark.
