4 days ago
Sensex Range-Bound as Traders Watch Key Support Levels
The Sensex moved up and down within a narrow range last week.
Overall, it fell by 310 points.
Pharma and Healthcare stocks performed better, while FMCG stocks lost the most.
A chart signal suggests that the market is currently weak.
The Sensex may fall further if it drops below 77,100.
It could then move toward 76,800 to 76,200.
If it rises above 77,500, it may retest 77,900.
Traders are advised to watch these levels because the market does not have a clear direction.
The Sensex declined by 310 points during the last week as benchmark indices traded within a range.
Pharma and Healthcare indices gained more than 1.5%, while the FMCG index fell 1.95%.
Technical charts show a bearish candle, with resistance near the 20-day SMA, or 77,900.
A break below 77,100 could trigger a decline toward the 76,800–76,200 range.
Analyst Amol Athawale recommends level-based trading while the market remains non-directional.
- Who
- The Sensex, sectoral indices, short-term traders, and Amol Athawale of Kotak Securities.
- What
- Indian benchmark indices remained range-bound, with the Sensex falling 310 points and facing key support and resistance levels.
- Where
- Mumbai and the broader Indian stock market.
- When
- During the last week; the guidance concerns short-term trading.
- Why
- The market is currently non-directional, while technical indicators show short-term weakness and resistance near key moving-average levels.
Key facts
- Sensex weekly change
- Declined by 310 points
- Top-performing sectors
- Pharma and Healthcare, both up more than 1.5%
- Worst-performing sector
- FMCG, down 1.95%
- Immediate support
- 77,100
- Potential downside
- 76,800–76,200 if 77,100 breaks
- Immediate resistance
- 77,500, represented by the 50-day SMA
- Higher resistance
- 77,900, represented by the 20-day SMA
- Trading approach
- Level-based trading for short-term traders
Quotes
Amol Athawale
Vice President of Technical Research at Kotak Securities
“We are of the view that the short-term market texture is weak, but a fresh selloff is possible only if the 77,100 level is broken. If that happens, the market could slip to 76,800-76,200. On the flip side, the 50-day SMA or 77,500 would act as an immediate resistance zone for traders.”
thehansindia.com
Sources
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