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

Today, the benchmark indices witnessed positive momentum, the Nifty ends 131 points higher while the Sensex was up by 443  points. Among Sectors, Media index was the top gainer, rallied 2.40 percent whereas selective PSU Banks and Energy stocks witnessed intraday profit booking at higher levels. Technically, after muted open the market took the support near 24000/79000 and bounce back sharply. On daily charts, it has formed bullish candle and on intraday charts, it is holding higher bottom formation, which is largely positive. We are of the view that, the short-term texture of the market is positive but due to temporary overbought conditions, we could see some profit booking at higher levels.

For traders now, 24000/79000 would act as a sacrosanct support zone. While 24200-24300/79700-80000 could be the immediate profit, booking zones for the day traders. On the flip side, below 24000/79000 traders may prefer to exit out from the trading long positions.

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