IGI Logo

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

Today, the benchmark indices continued pullback formation, the Nifty ends 128 points higher while the Sensex was up by 364  points. Among Sectors, PSU Bank index outperformed, rallied over 3 percent whereas Auto and Pharma indices shed over 1 percent. Technically, after early Morning correction one more time market took the support near 24150/795000 and bounce back sharply. From the day lowest level market rallied over 300 /900  points. Furthermore,  It has been  holding uptrend continuation formation on intraday charts and formed reversal formation on daily charts, which is broadly positive. we are of the view that, now 24400 and 24300/80000-79800 would act as a key supports zones for the bulls. As long as the market is trading above the same, bullish sentiment is likely to continue. Above the same, it could bounce back till 24641/80800. Further upside may also continue which could lift the market up to 24700/81100 On the flip side, below 24300/79800 traders may prefer to exit out from the trading long positions.  

 

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