Quote on Market Wrap 12- May Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
Below the Quote on Market Wrap 12- May Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
Today, the benchmark indices witnessed a stellar rally. The Nifty ends 917 points higher, while the Sensex was up by 2975 points. Among sectors, all the major sectoral indices traded in positive territory, but the IT index gained the most, rallying 6.48 percent. Technically, after a gap-up opening, the market successfully cleared the 24,590/81150 resistance mark, and post-breakout, positive momentum intensified. A long bullish candle on daily charts and breakout continuation formations on daily and intraday charts indicate a further uptrend from the current levels. We believe that the 24,590/81150 resistance zone has now become a strong support zone for short-term traders. For day traders, buying on intraday dips and selling on rallies would be the ideal strategy. On the higher side, 25,200–25,300/83000-83300 would be the key resistance areas, while below 24,590/81150 traders may prefer to exit their long positions.
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