Sensex May Hit 16046 In The Coming Days: Prakash Gaba
The 30-share-index Sensex lost momentum after posting gains during the early session, and dropped below 15K mark as investors booked profit at higher levels.
The Asian markets remained mixed.
The benchmark index also pared some of its losses during the previous trading hour.
Buying action was seen across IT stocks, while realty, metal, banking and FMCG stocks went down.
Secondline stocks also remained weak.
BSE Midcap and Smallcap index were also down by 1.44% and 2.43% respectively.
Among the sectoral indices, BSE Realty lost 3.60%, Metal plunged 2.39%, Bankex and FMCG declined more than 1% each. The only gainer among the sectoral indices IT remained up by 1.96%.
At 11:50 a.m., Sensex lost 84.23 points at 15,019.32, whereas the broad based Nifty stood at 4,545.45, down 41.45 points.
The top gainers’ in the 30-share index included Grasim Industries (2.84%), Infosys Technologies (2.60%), Wipro (2.09%), Reliance Industries (1.45%), Maruti Suzuki India (1.11%), and Larsen & Toubro (0.64%).
On the other hand, the major losers in the Sensex were Sterlite Industries (India) (4.64%), State Bank Of India(4.56%), Jaiprakash Associates (4.28%), Tata Steel (3.64%), DLF (3.36%), and Hindalco Industries (2.80%).
Technical analyst, Prakash Gaba said, “Technically the trend is still intact up and there is no sign of weakness witnessed on the charts as yet but as the market climbs higher it sets itself up for a reaction.”
Mr. Prakash said that the Sensex may hit 16046 in the coming days but as it goes up the market is setting itself up for a reaction.
He said that the major support for the Sensex stood at 14600 and resistance to the up move is at 15440.
Mr. Gaba also said that the crucial support on the way down for the Nifty at 4450 and resistances on the way up are at 4650-4789.