Above 73,200 and 73,000, it may rise up to 73,700

Kumud Das Mumbai

Thebenchmark indices continued to face selling pressure at higher levels. The Sensex was down by 460 points. Among sectors, the Media index was the top loser, shedding 2.43 percent, whereas the India Tourism index gained the most, rallying 1 per cent. Technically, after an intraday dip, the market found support near 73,000 and reversed. Following the reversal, it hovered within the 73,200-73,500 range for the rest of the day.

“For traders now, 73,200 and 73,000 would act as crucial support levels,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.

If the market manages to trade above these levels, the pullback could continue towards 73,700. Further upside could lift the index to 74,500. However, below 73,000, selling pressure is likely to accelerate, and the market could slip to 72,700-72,500.