Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
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Today, the benchmark indices registered a fresh all time high of 23579.05/77366.77. After a promising uptrend rally the Nifty ends 92 points higher while the Sensex up by 308 points. Among Sectors, Reality and Private bank indices outperformed, both the indices rallied over 1 percent. Technically, after a gap up opening market held the positive momentum throughout the day. On daily and intraday charts, it is holding higher, high and higher low formation, which supports further uptrend from the current levels.
For the trend following traders now, 23500/77000 would be the key support level. As long as the market is trading above the same, the bullish sentiment is likely to continue. On the higher side, market could rally up to 23700-23750/77600-77800 . On the other side, below 23500/77000 the sentiment could change. Below the same traders may prefer to exit out from the trading long positions.
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