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 witnessed promising uptrend rally, the Nifty ends 187 points higher while the Sensex was up by 612 points. Among Sectors, IT and Digital indices outperformed rallied over 1 percent whereas intraday profit booking were seen in selective PSU Banks and Healthcare stocks.
Technically, on the backdrop of positive global sentiments, our market opened with a positive note and after robust opening throughout the day, it maintained positive momentum. In addition, on daily charts, it has formed uptrend continuation formation and on intraday charts, it is holding higher bottom formation, which supports further uptrend from the current levels. For the trend following traders now, 24900/81300 would be the trend decider level. Above the same, the market could continue the positive momentum till 25125-25200/82000-82600. On the flip side, below 24900/81300 uptrend would be vulnerable. Below the same, traders may prefer to exit out from the trading long positions.
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