Quote on Market Morning Inputs 28th Oct by Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Quote on Market Morning Inputs 28th Oct by Shrikant Chouhan, Head Equity Research, Kotak Securities
Benchmark indices rebounded sharply, with the Nifty closing 171 points higher, while the Sensex gained 567 points. Sectorally, the PSU Bank index outperformed, gaining 2.76 per cent, while defence and media stocks witnessed intraday profit-booking despite strong market sentiment.
Technically, the week started on a positive note; after a gap-up open, the market maintained its positive momentum throughout the day. A bullish candle on the daily chart and a reversal formation on the intraday chart indicate further upside from current levels.
For day traders, 25,900/84500 would act as an immediate support zone. As long as the market trades above this level, the bullish trend is likely to continue. On the higher side, it could retest the 26,100/85000 level. On the other hand, below 25,900/84500, we may see a quick intraday correction towards 25,800-25,750/84200-84000. Expect a short covering trend above the level of 26100.
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