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Business

Market may bounce back

hellohimachalse@gmail.com 12 Aug 2026 55 min ago

Mumbai: The benchmark indices witnessed selling pressure at higher levels. The Sensex was down by 188 points. Among sectors, PSU Bank outperformed, rallying 2 per cent, whereas the IT index lost the most, shedding nearly 1.5 per cent.

Technically, after a sharp intraday dip, the Sensex took support near the 20-day SMA (Simple Moving Average) and bounced back sharply. “We believe that the 20-day SMA or 77,500 would act as key support zones for traders,” says Shrikant Chouhan, Head – Equity Research, Kotak Securities.

If the market manages to trade above these levels, it could bounce back to 78,500-78,800. On the flip side, below 77,500, selling pressure is likely to accelerate. Below this, the market could slip to 77,000-76,800.

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