Market indecisive between bulls and bears

Mumbai: The benchmark indices continued range-bound activity. The Sensex was up by 374 points. Among sectors, the Defense index outperformed today, rallying 2.85 per cent, whereas the Media index lost the most, shedding 1.70 per cent.

Technically, after a muted open, the entire day’s market hovered between the 78,600 to 78,900 price range. A small candle on daily charts and non-directional intraday activity indicate indecisiveness between the bulls and the bears.

“For day traders now, 79,000 would act as an immediate breakout level,” says Shrikant Chouhan, Head – Equity Research, Kotak Securities. Above this, the market could move up to 79,300-79,500. On the flip side, below 78,600, we could see intraday price corrections down to 78,200-78,000. The intraday market texture is non-directional; hence, level-based trading would be the ideal strategy for day traders.