Below 75,300, the market could slip to 74,300-74,000; above 75,300, it may rebound till 75,500-75,800

Bizz Buzz Bureau Mumbai

Thebenchmark indices continued profit booking at higher levels. The Sensex was down by 813 points.

Among the sectors, the IT index lost the most, shedding 3.25 per cent, whereas despite weak market sentiment, the Metal index gained 1.75 per cent. Technically, on daily and intraday charts, the market is still holding a lower high-lower low formation, and on daily charts, it has formed a bearish candle, which supports further weakness from the current levels.

“For day traders, 75,300 would act as immediate resistance zones,” says Shrikant Chouhan, Head - Equity Researh, Kotak Securities. As long as the market is trading below these levels, weak sentiment is likely to continue. On the downside, the market could slip to 74,300-74,000. On the flip side, above 75,300, the bounce could continue till 75,500-75,800.