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Markets to continue range bound activity in the near future
For the bulls, 53,300 would be the immediate resistance, above which, we could see the sharp intraday pullback rally till 53,500-53,800
Mumbai: On Monday, the benchmark indices witnessed a rang bound trading session, the nifty ends 60 points higher while the Sensex was up by 180 points. Among sectors, PSU Banks, Auto and Reality indices bounce back sharply, rallied over 2 per cent. While some profit booking was seen in selective IT stocks.
Technically after an early morning intraday recovery, for the entire day market is trading within the range of 52,680-53,300.
"We are of the view that, post sharp correction, currently the market is showing non directional activity and the texture of the chart suggesting strong possibility of continuation of range bound activity in the near future.
For the bulls, 53,300 would be the immediate resistance level, above which, we could see the sharp intraday pullback rally till 53,500-53,800. On the other side, 52,600 could be the immediate support level, below the same chances of hitting 52,500-52,100 would turn bright," says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
