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
On Monday, the benchmark indices maintained their positive momentum, with the Nifty closing 114 points higher and the Sensex rising by 295 points. Among the sectors, Defence, Auto, and Tourism indices saw gains of over 1 percent, while some banking stocks experienced profit-taking at higher levels.
Technically, after a gap-up opening, the market exhibited range-bound activity. It has been a significant period, as the market has spent the last seven days within a specific trading range, between 24200 and 24500. Such patterns often lead to trending activity in either direction. If the market closes below 24200, it may fall to 23800. Conversely, if it closes above 24500, we could see it rise to 25000 levels. The strategy should be to trade according to these levels.
The Bank Nifty is expected to remain within the trading range of 55700 and 54700 levels.
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