IGI Logo

Below the Quote on Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities

Today, the benchmark indices bounce back sharply, the Nifty ends 164 points higher while the Sensex was up by 592  points. Among Sectors, Reality, Bank Nifty and IT indices rallied over 1 percent whereas Media and Metal indices shed nearly 1 percent. Technically, after a positive opening market held the positive momentum throughout the day. Currently Nifty is trading near 50 day SMA (Simple Moving Average) and on intraday charts; it is holding higher bottom formation, which is largely positive.

We are of the view that, as long as the index is trading above 25000/81500 the pullback formation is likely to continue. on the higher side the market could move up till 25200- 25260/82300-82500. On the flip side, below 25000/81500 the sentiment could change. Below the same, market could retest the level of 24900-24840/81200-81000.

Above views are of the author and not of the website kindly read disclaimer