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

Today, the benchmark indices continued their positive momentum, with the Nifty ending 145  points higher and the Sensex up by 445 points. Among sectors, almost all major sectoral indices traded in positive territory, but the Realty index significantly outperformed, rallying over 2.5 percent.

Technically, after an early morning intraday dip, the market found support near 24000/79300 and bounced back sharply. A bullish candle on the daily charts, along with a higher bottom formation on the intraday charts, indicates a further uptrend from the current levels. For trend-following traders, the 24000/79300 mark would act as a crucial support zone. As long as the market is trading above this level, the bullish sentiment is likely to continue. On the higher side, it could move up to 24400-24500/80500-80800. However, if it drops below 24000/79300, the uptrend would be vulnerable.
 

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