IGI Logo

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

The benchmark indices registered a new all-time high of 23579.05/77366.77 on Tuesday. Following a promising uptrend rally, the Nifty closed 92 points higher while the Sensex was up 308 points. Among sectors, realty and private bank indices outperformed, with both indices gaining over 1 per cent.

Technically, the market maintained positive momentum throughout the day after a gap-up opening. On the daily and intraday charts, it is maintaining higher high and higher low formation, which supports further uptrend from current levels. 23500/77000 would be the key support level for trend-following traders. As long as the market is trading above the same, the bullish sentiment is likely to continue. On the higher side, the market could move towards 23600-23750/77300-77800. On the other hand, below 23500/77000 the sentiment may change and the index may slip to 23300 or 23200 levels.

The Bank-Nifty is supporting the broader market as FIIs have started infusing funds into the Indian markets.   On an immediate basis, 50800 and 51000 would be major hurdles.  Supports exist at 50200 and 50000 levels.

Above views are of the author and not of the website kindly read disclaimer