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
The benchmark indices witnessed a recovery rally, with the Nifty ends 167 points higher while the Sensex was up by 593 points. Among sectors, most of the major sectoral indices traded in positive territory, but the Realty index outperformed, rallying over 3.35 percent.
Technically, on intraday charts, after a muted opening, the market found support near 23150/76000 and reversed. Following this reversal, it maintained positive momentum throughout the day. Additionally, it formed a bullish candle on daily charts, supporting a further uptrend.
We believe that as long as the market is trading above 23150/76000, the pullback formation is likely to continue. On the upside, it could move up to 23500/77000. A dismissal of 23500/77000 could push the market towards 23650/77500. Conversely, if the market falls below 23150/76000, selling pressure may intensify, and it could slip to the 23000-22950/75500-75300 range.
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Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
