Market is indecisive between bulls and bears

Mumbai: The benchmark indices continued their range-bound movement. The Sensex was up by 43 points. Among sectors, the Capital Market and Realty indices rallied over 1 percent, whereas PSU Banks and Defense indices shed over 1 per cent.

Technically, after a muted open, the market hovered throughout the day between 78,300 and 78,700 price ranges. A small candle on daily charts and non-directional activity on intraday charts indicate indecisiveness between the bulls and bears.

“For traders now, 78,800 and 79,000 would act as immediate breakout levels,” says Shrikant Chouhan, Head – Equity Research, Kotak Securities. Above these, the market could rally to 79,300–79,500. On the flip side, below 78,300, selling pressure may accelerate. Below this, the market could retest levels of 78,000–77,800.