Quote on Market Morning inputs by Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Quote on Market Morning inputs by Shrikant Chouhan, Head Equity Research, Kotak Securities
Benchmark indices rallied sharply on Monday, with Nifty closing 289 points higher while Sensex was up 1006 points. Sectorally, almost all major sectoral indices were trading in the positive zone, but Defence and Oil & Gas indices outperformed, with Defence gaining 4 and Oil & Gas up 3.14 per cent.
Technically, after a promising start, the market maintained positive momentum throughout the day. Additionally, it formed a long bullish candle on the daily chart, which supports further upside from current levels. On the downside, 24200/79800 and 24100/79500 would act as key support zones, while 24450/80600 could act as a crucial resistance level for the bulls. However, if the market drops below 24100/79500, the uptrend will weaken, whereas crossing and closing above the level of 24450/80600 would result in quick expansion to 24700 or 24900 in the near term.
The strategy should be to create a long position if the Nifty crosses the level of 24450 and continue if it closes above the same. Keep a stop loss at 24300 on a closing basis for the same. The Bank-Nifty is expected to remain within the broader trading range of 56000 and 55000.
Above views are of the author and not of the website kindly read disclaimer
