2 weeks ago
Sensex Up 114 Points as Profit Booking Continues at Highs
Imagine a big market where people buy and sell small pieces of companies, called the stock market.
In Mumbai, India, one of the most famous markets is called the Sensex.
Today, the Sensex went up a little bit, by 114 points.
But some people who own stocks decided to sell some to take their profits, which is called profit booking.
Different parts of the market did different things.
Companies that make defense equipment did very well and went up 1.58 percent.
Companies that work with metals went down by 1 percent, which was the biggest drop.
A chart expert named Shrikant Chouhan from Kotak Securities says the market is near an important support line called the 20-day average.
If the market stays above this line, it could climb to around 78,500 to 78,700.
But if it drops below 77,700, more people might sell and it could fall to 77,200.
The Sensex rose 114 points as benchmark indices witnessed continued profit booking at higher levels.
The Defense index was the top sectoral performer, rallying 1.58 percent.
The Metal index was the biggest loser, shedding 1 percent.
After a weak open, the market took support near the 20-day SMA and formed a small bearish candle, indicating indecisiveness between bulls and bears.
Kotak Securities' Shrikant Chouhan said the index could bounce to 78,500-78,700 if support holds, but could slip to 77,400-77,200 if it breaks below 77,700.
- Who
- Stock market investors and analysts, including Shrikant Chouhan, Head of Equity Research at Kotak Securities.
- What
- The Sensex rose 114 points while the Defense index rallied 1.58% and the Metal index fell 1%, with the market forming a small bearish candle.
- Where
- Mumbai, India.
- When
- During the latest trading session (reported as 'today').
- Why
- Continued profit booking at higher levels, with the market trading near the 20-day SMA support zone.
Key facts
- Sensex change
- +114 points
- Best performing sector
- Defense index (+1.58%)
- Worst performing sector
- Metal index (-1%)
- Technical support
- 20-day Simple Moving Average (SMA)
- Chart pattern
- Small bearish candle (indecisiveness)
- Upside target
- 78,500-78,700 if support holds
- Downside levels
- 77,700; falling below could lead to 77,400-77,200
- Source analyst
- Shrikant Chouhan, Head - Equity Research, Kotak Securities
Quotes
Shrikant Chouhan
Head – Equity Research, Kotak Securities
“"We believe that the market has completed one leg of correction and is currently trading near an important support zone of the 20-day SMA."”
thehansindia.com









