Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
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Below The Quote on Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
Today the benchmark indices continued positive momentum. Nifty ends 148 points higher while the Sensex was up by 384 points. Among Sectors, almost all the major sectoral indices were traded in to the positive territory but PSU Bank index outperformed, rallied over 3 percent.
Technically, after a positive opening market held the positive momentum throughout the day. Bullish candle on daily charts and uptrend continuation formation on intraday charts indicating further uptrend from the current levels.
We are of the view that, the current market texture is bullish but due to temporary overbought conditions, we could expect range bound activity in the near future. For the day traders, 25850-25800/84700-84500 would act as a key support zones while 26050-26100/85300-85500 would be the immediate resistance areas for the bulls. However, below 25800/84500 uptrend would be vulnerable. Below the same, traders may prefer to exit out from the trading long positions.
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