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 Wednesday, the benchmark indices continued their positive momentum, with Nifty closing 73 points higher and Sensex up 148 points. Among sectors, the defence index outperformed, gaining nearly 5 per cent, while the IT index fell the most, declining over 1 per cent.
Technically, after a promising uptrend rally, the market is witnessing range-bound intraday activity at higher levels. It also formed a small bullish candle on the daily chart, indicating indecision between the bulls and the bears. We believe the short-term texture of the market is still on the positive side, but due to temporary overbought conditions, we may see range-bound activity for the next couple of days.
For day traders, the key support zones are 22800-22720/75200-75000, while 23000-23100/78800-76000 may act as crucial resistance zones for the bulls. A fall below 22700/75000 would weaken the uptrend. The strategy should be to buy nifty if it corrects back to 22900/22850. keep a stop loss at 22700 for the same.
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