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 continued their positive momentum on Monday. Nifty closed 144 points higher, while Sensex was up 462 points. Sectorally, almost all major sectoral indices were trading in the positive zone, but defence and IT indices outperformed, rising over 1 per cent.
Technically, after an early intraday rally, the market witnessed range-bound activity throughout the day. A bullish candle on the daily chart and an uptrend continuation formation on the intraday chart indicate further upside from current levels. For traders, 24,870/81900 would act as a key support zone. Above this level, the bullish sentiment is likely to continue. On the higher side, 25,150–25,250/82500-82800 would act as key resistance zones for traders. However, below 24,870/81900, the market is likely to retest 24,740–24,700/81600-81500 levels. The strategy should be to buy on dips around 24750/24700, as volatility is likely to continue, which is visible on the India VIX chart.
For Bank Nifty, expect a range bound activity between 56100 and 55000
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