Today, the benchmark indices witnessed a range-bound trading session. The Nifty ended 4 points lower, while the Sensex was down by 114 points. Among sectors, the Defence index was the top gainer, rallying 3.30 percent, whereas selective IT and FMCG stocks witnessed intraday profit booking at higher levels. Technically, after a muted open, the market hovered between the 24,300 to 24,480/77,700-78,400 price range throughout the day. A small candle on the daily charts and non-directional intraday activity indicate indecisiveness between the bulls and the bears.
For day traders, 24,300/77,700 and the 20-day SMA (Simple Moving Average) or 24,150/77,200 would act as key support zones. As long as the market trades above these levels, the bullish sentiment is likely to continue. On the higher side, 24,480-24,575/78,400-78,600 would be the immediate resistance for the bulls.
On the flip side, if the market falls below the 20-day SMA or 24,150/77,200, the uptrend could become vulnerable. Below these levels, traders may prefer to exit their long positions.