Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
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Below the Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
Today, the benchmark indices continued positive momentum, the Nifty ends 126 points higher while the Sensex was up by 378 points. Among Sectors, Banking and Financial stocks registered buying interest whereas intraday profit booking were seen selective FMCG and Media stocks.
Technically, after positive opening entire day market comfortably trade above 24650/80600 resistance mark, which is largely positive. In addition, intraday charts it is holding higher high and higher low series formation, which supports further uptrend from the current levels. We are of the view that the larger market texture is bullish but buying on dips and sell on rallies would be the ideal strategy for the day traders.
For day traders now, 24650/80600 and 24575/80300 are the key support zones while 24800/81000 and 24835/81200 would be the crucial resistance areas. However, below 24575/80300 traders may prefer to exit out from the trading long positions.
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