Volatile mkt texture

Mumbai: On Monday, the c witnessed a volatile trading session, after a roller coaster activity, BSE Sensex was up by 32 points. Among sectors, Media index was the top gainer, rallied nearly 1.5 per cent whereas banking and financial stocks witnessed intraday profit booking at higher levels. Technically, after a muted opening, the index registered a fresh all time of 72,561.91 points, but due to consistent profit booking at higher levels, it corrected sharply.

“We are of the view that, the current market texture is volatile and on intraday charts, the index has formed reversal formation. The intraday texture indicating as long as the index is trading below 72,500 level, the weak sentiment is likely to continue,” says Shrikant Chouhan, head (equity research), Kotak Securities.

Below which, the market could retest the level of 72,000-71,00 points. On the flip side, above 72,500 level, the index could rally till 72,700-72,850 points. Contra traders can take a long bet near 71,700 with strict 100 points stop loss.