IGI Logo

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

Today, the benchmark indices extended their positive momentum, with the Nifty ending 181 points higher and the Sensex up by 598 points. Among sectors, PSU Banks and Media indices rallied over 2 percent, while intraday profit booking was observed in selective FMCG and Pharma stocks. Technically, the indices managed to close above the 24,350/80,500 resistance level, which is largely positive. Additionally, a bullish candle has formed on the daily charts, and a higher bottom formation is evident on the intraday charts, supporting a further uptrend from current levels.

For day traders, 24,350/80,500 and 24,250/80,200 would be key support zones. As long as the indices are trading above these levels, the bullish sentiment is likely to continue. On the higher side, the market could move up to 24,600-24,625/81,500-81,700. However, if it falls below 24,350/80,200, traders may prefer to exit their long positions.

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