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

Today, the benchmark indices witnessed positive momentum, the Nifty ends 80 points higher while the Sensex was up by 230 points. Among sectors Energy indices outperformed which rallied over 1.5 percent, whereas selective pharma and realty stocks witnessed some profit booking at higher levels. Technically, after early morning intraday correction the Nifty took the support near 24150/79800 and bounced back sharply. On daily charts, the index has formed a bullish candle and on intraday charts it is holding uptrend continuation formation which is largely positive.

We are of the view that, as long as index is trading above 24150/79800 the bullish sentiment is likely to continue. On the higher side the market could move up to 24400-24500/80500-80900. However, below 24150/79800 uptrend would be vulnerable.

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