3 weeks ago
Sensex Rises 152 Points; Range-Bound Trade Likely to Continue
Imagine a big store where people buy and sell small pieces of companies, which are called stocks.
The Sensex is like a scoreboard that shows how the whole market is doing.
Today, the scoreboard went up by 152 points, so most prices moved a little higher.
But sellers were also active at higher levels, so the market did not climb very far.
Some groups of companies did better than others.
The Metal companies, which work with things like steel and iron, had the best day and gained 1.70 percent.
The Media companies, which include TV and news businesses, had the worst day and fell 1.75 percent.
Experts say the market is moving sideways, like a ball bouncing between a lower line and a higher line.
Unless the market breaks above or below these lines, it will probably keep moving in this range.
The Sensex ended the session 152 points higher despite selling pressure at higher levels.
The Metal index was the best performer, rallying 1.70 percent.
The Media index lost the most, shedding 1.75 percent.
Short-term support is placed at 78,200-78,000, while 78,900-79,000 is the crucial resistance area.
Kotak Securities' Shrikant Chouhan said a range-bound texture is likely to continue; a breakout above 79,000 could push the market towards 79,300-79,500.
- Who
- Traders and investors in the Indian equity market; Shrikant Chouhan, Head of Equity Research at Kotak Securities, commented on the market outlook.
- What
- The Sensex rose 152 points while the market traded in a range; the Metal index rallied 1.70 percent and the Media index fell 1.75 percent.
- Where
- Indian stock market, tracked by the Sensex benchmark.
- When
- During the latest trading session (specific date not stated in the article).
- Why
- Selling pressure at higher levels kept gains in check, resulting in range-bound trading.
Key facts
- Benchmark
- Sensex
- Sensex change
- +152 points
- Best performing sector
- Metal index (+1.70%)
- Worst performing sector
- Media index (-1.75%)
- Support level
- 78,200-78,000
- Resistance level
- 78,900-79,000
- Upside breakout target
- 79,300-79,500
- Downside risk below 78,000
- 77,500
Quotes
Shrikant Chouhan
Head of Equity Research at Kotak Securities
“"We believe that, as long as the market is trading between these ranges, a range-bound texture is likely to continue,"”
thehansindia.com









