Market Morning Inputs by Shrikant Chouhan, Head- Equity Research, Kotak Securities
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Below the Quote on Market Morning Inputs by Shrikant Chouhan, Head- Equity Research, Kotak Securities
Last week, the benchmark indices showed range-bound movement, with Nifty trading 0.75% higher and Sensex gaining 299 points. The Realty index gained over 5%, while the IT index declined by 1.6%. From a technical perspective, the market showed range-bound movement following last week's impressive rally.
The market consistently found support levels between 23200-23300/76300-76550, while some profit booking was seen at 23450-23490/77000-77100. Currently, the market seems to be undergoing positive consolidation and as long as it stays above 23200/76300, the bullish sentiment is likely to persist. On the upside, the market is expected to rally towards 23600-23750/77600-78000 after a 23500/77150 breakout. However, a shift in the pattern may occur if it falls below 23200/76300. If that happens, traders may consider exiting long positions, as a move towards 23050-23000/76000-75700 could become more probable. An intraday market pattern is non-directional, so level-based trading is an ideal strategy for traders. It is also advisable to reduce long positions between 23600 and 23700 levels.
Bank Nifty is establishing a higher bottom formation on daily and intraday charts, but a fresh uptrend rally is possible only after a 50300 breakout. Above 50300, it may rally towards 50800-51000, while below 49500, the uptrend would weaken.
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