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Sensex forms bullish candle
The support has shifted to 52,000. As long as, the index is trading above 52,000 the chances of hitting 52,900 would turn bright; below 52,000, uptrend would be vulnerable
Mumbai: The benchmark indices bounce back sharply, BSE Sensex was up by 934 points. Among sectors, all the major sectoral indices were traded in the green, but Media and Metal and PSU Banks stocks outperformed. Technically, post reversal formation, on Tuesday the market opened with a gap and held the strong momentum throughout the day.
On daily charts, the index has formed promising bullish candle which support further uptrend from the current levels. However, the medium term trend is still in to the weak side.
For the traders, the support has shifted to 52,000 from 51,300. As long as, the index is trading above 52,000 the chances of hitting 52,900 would turn bright," says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
Further upside may also continue, which could lift the index up to 53,200. On the flip side, below 52,000 uptrend would be vulnerable.
