Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices witnessed positive momentum; the Nifty ends 37 points higher while the Sensex was up by 131 points. Among Sectors, selective Auto and Pharma stocks witnessing buying interest at lower levels, whereas Media index corrected - was the top looser, shed over 1 percent.
Technically, after a gap down opening the market took the support near 10 day SMA (Simple Moving Average) and bounced back sharply. On daily charts, it has formed a bullish candle, which is largely positive. We are of the view that larger market texture is still non-directional hence levels based trading would be the ideal strategy for the day traders.
For the day traders now, 23400/77000 or 10 day SMA would be the key support level. Above the same, the market could rally up to 23670/77700. Further upside may also continue which could lift the market till 23750/77900. On the flip side, below 23400/77000 selling pressure is likely to accelerate. Below the same, the market could slip till 23320-23275/76800-76600.
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