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

Today, the benchmark indices bounced back sharply, the Nifty ends 305 points higher while the Sensex was up by 875 points. Among Sectors, all the major sectoral indices were traded in to the positive territory but Oil and Gas index outperformed, rallied 3.10 percent. Technically, after a positive opening the market held the positive momentum throughout the day. It also holding  double bottom formation on intraday charts, which indicating  continuation of pullback rally in the near future.

We are of the view that, 24200/79100 would be the sacrosanct support zone for the day traders. As long as market is trading above the same, the pullback formation is likely to continue. On the higher side, it could bounce back till 24400-24475/80000-80200. On the flip side, below 24200/79100 the sentiment could change, below same, it could retest the level of 24100-24000/78800-78500.

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