IGI Logo

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

Today, the benchmark indices witnessed positive momentum activity, the nifty ends 69  points higher while the Sensex was up by 267  points. Among Sectors, FMCG and Reality indices outperformed both the indices rallied over 1 percent whereas intraday profit booking were seen in Metal and Selective banking stocks. Technically, after a muted opening market held the positive momentum throughout the day. Higher bottom formation on intraday charts and positive consolidation on daily charts suggesting strong possibility of further uptrend from the current levels. For the trend following traders now, 22500/73900 would act as a key support level. Above the same, it could rally till 22700-22735/74500-74600. On the flip side below 22500/73900 uptrend would be vulnerable. Below 22500/73900, we could see one quick intraday correction till 22400-22380/73600-73500.

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