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 witnessed buying interest at lower levels, the nifty ends 64 points higher while the Sensex was up by 256 points. Among Sectors, Media index outperformed rallied over 3 percent whereas intraday profit booking were seen in IT and Consumer stocks.
Technically, after an intraday correction the market took the support near 25875/84750 and bounce back sharply. From the day lowest levels market rallied nearly 150/500 points. Higher bottom formation on intraday charts and uptrend continuation texture on daily charts indicating further upside from the current levels. For the trend following traders now, 25875/84750 would act as a sacrosanct support level. Above the same, the market could rally till 26100-26150/85500-85700. On the other side, below 25875/84750 sentiment could change. Below the same, the market could retest the level of 25800-25775/84500-84300.
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