Inputs on Morning Market by Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Inputs on Morning Market by Shrikant Chouhan, Head Equity Research, Kotak Securities
On Monday, the major indices rebounded strongly. The Nifty closed higher by 174 points, while the Sensex gained 485 points. Nearly all key sectoral indices traded positively, with the Media index leading the gains, soaring by 4.30 percent.
Technically, against the backdrop of positive global sentiment, our market opened with a gap up. After a strong opening, it registered narrow range activity throughout the day. However, the short-term market outlook remains positive.
For trend-following traders, key support levels are at 25,750 / 83,800. As long as the market stays above these levels, the upward trend is likely to persist. On the upside, the market could rise towards 26,000-26,100 / 84,500-84,700. On the flip side, below 25,750 / 83,800, the uptrend would become vulnerable. If the market falls below these levels, traders may prefer to exit their long positions
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