Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
Below the Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
Today, the benchmark indices witnessed positive momentum, with the Nifty ends 142 points higher while the Sensex was up by 454 points. Among sectors, the Private Bank index gained over 2 percent, whereas intraday profit booking was seen in auto and selective FMCG stocks. Technically, after an early morning intraday correction, the market took support at 23170/76600 and bounced back sharply. On daily and intraday charts, it has formed a higher bottom formation, which supports a further uptrend from the current levels.
We are of the view that 23170/76600 will act as a key support zone for day traders. If it sustains above this level, it could bounce back to 23450-23500/77300-77500. However, if it falls below 23170/76600, the uptrend would be vulnerable. Below this level, traders may prefer to exit their long positions.
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