Market moving in non-directional phase

Mumbai: The benchmark indices witnessed volatile price action, after a roller coaster activity the Sensex was up by 443 points. Among sectors, Auto index Outperformed, rallied nearly 4.5 per cent whereas Oil and Energy stocks witnessed profit booking at higher levels.

Technically, from last three days the market witnessing non directional activity. The intraday texture indicating continuation of range bound activity in the near future.

“For the trades, 51,700-52,500 are the important levels to watch out. Below 51,700 the index could slip till 51,500-51,300,” says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

On the flip side, 52,500 would be the key breakout level for the bulls. Above which, the index is likely to hit the level of 52,800-53,000.

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