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Below the Quote on Market Morning Inputs by Shrikant Chouhan, Head Equity Research, Kotak Securities

Benchmark indices witnessed a spectacular rally on Tuesday, with Nifty closing 326 points higher while Sensex was up 1131 points. Sectorally, all major sectoral indices were trading in the positive zone, but capital markets, media and realty indices outperformed, climbing over 3 per cent.

Technically, after a long consolidation, the market successfully breached the 22,600/74500-resistance zone today, and following this breakout, the positive momentum gained momentum. Additionally, the market is trading comfortably above the 20-day SMA (simple moving average), indicating further upside from current levels. We believe the short-term market outlook is bullish; but for day traders, buying on intraday corrections and selling on rallies would be the ideal strategy. In the near term, 22,700/75000 and 22,600/74500 would act as key support zones, while 22,950/75600 and 23,000/75800 could act as profit-booking zones for day traders. A close above 23000 would help the market to move towards 23300 levels.

The strategy should be to buy nifty if it corrects back to 22760/22700.  keep a stop loss at 22550 for the same.

The Bank-Nifty's earlier resistance 48800 would act as a major support. The strategy should be to buy between 49200/49000 and keep a stop loss 48700 for the same. Resistance would be 49700 and at 50000.

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