Bizz Buzz Bureau Mumbai

Inthe last session of the week, the benchmark indices experienced roller coaster activity. The Sensex ends at 77,569.39 points.

Among sectors, the Reality index outperformed, rallying 5.29 per cent, whereas the Media index lost the most, shedding 2 percent.

Technically, after a sharp correction, the market found support near the 50-day SMA (Simple Moving Average) at 76,100 and bounced back sharply.

“We believe that the short-term market texture is volatile and non-directional; hence, level-based trading would be the ideal strategy for traders,” says Amol Athawale, VP Technical Research, Kotak Securities.

On the downside, the 20-day SMA at 77,000 would act as a key support zone. As long as the market sustains above these levels, an uptrend is likely to continue.

On the higher side, the market could move up to 78,000-78,300. Further upside may also continue, potentially lifting the market to 78,700.

On the flip side, if the market falls below 77,000, it could retest the levels of 76,100 or the 50-day SMA. Below 76,100, the chances of hitting 75,600-75,500 would increase.