IGI Logo

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

The benchmark indices continued positive momentum, the Nifty ends 188  points higher while the Sensex was up by 627 points. Among Sectors, IT index outperformed rallied over 2.20 percent whereas Media index corrected sharply shed 3.5 percent. Technically, after a weak open market successfully surpassed the short-term resistance of 24700/81000 and post breakout it intensified positive momentum. On daily charts it has formed bullish candle on intraday charts it is holding breakout continuation formation which is largely positive.

For the trend following traders now, 24700/81000 would act as a sacrosanct support zone. Above 24700/81000, the market could continue the positive momentum till 24900-24950/81600-81800. On the flip side, below 24700/81000  traders may prefer to exit out from the trading long positions. Below which it could retest the level of 24500-24475/80400-80300. 

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