Range-bound texture is likely to continue

The benchmark indices witnessed selling pressure at higher levels. The Sensex was up by 152 points. Among sectors, the Metal index outperformed today, rallying 1.70 percent, whereas the Media index lost the most, shedding 1.75 percent.

Technically, the market is currently witnessing range-bound activity. For traders, short-term support is placed at 78,200-78,000, while 78,900-79,000 remains the crucial resistance area for the bulls.

“We believe that, as long as the market is trading between these ranges, a range-bound texture is likely to continue,” says Shrikant Chouhan, Head – Equity Research, Kotak Securities.

On the higher side, a breakout above 79,000 could push the market towards 79,300-79,500. On the flip side, a dismissal of 78,000 could push the market towards 77,500.