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, the Nifty ends 212 points higher while the Sensex was up by 666 points. Among Sectors, Auto and Metal indices rallied over 2 percent whereas selective Consumer and Pharma stocks registered intraday profit booking at higher levels.
Technically, after a muted opening market successfully cleared 26000/85300 mark and post breakout positive momentum intensified. A bullish candle on daily charts and breakout continuation formation on intraday charts indicating further uptrend from the current levels. We are of the view that, as long as market is trading above 26000/85300 the bullish setup is likely to continue. On the higher side, it could move up till 26300-26375/86000-86300. On the other side, below 26000/85300 uptrend would be vulnerable. Below the same, traders may prefer to exit out from the trading long positions.
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