Quote on Market Wrap 15- May Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
Below the Quote on Market Wrap 15- May Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
Today, the benchmark indices witnessed a stellar rally. The Nifty ends 395 points higher, while the Sensex was up by 1200 points. Among sectors, all major sectoral indices traded in positive territory, but the Defense index outperformed, rallying 2.62 percent. Technically, after an early morning intraday selloff, the market took support near 24,500/80800 and bounced back sharply. From the day's lowest point, the market rallied over 600 /1900 points. Additionally, it successfully cleared the 25,000/82500 mark and managed to close above it, which is largely positive. Moreover, there is a bullish candle on the daily charts and an uptrend continuation formation on the intraday charts, indicating a further uptrend from the current levels. We believe that the market's outlook remains positive, but buying on intraday corrections and selling on rallies would be the ideal strategy for day traders. On the downside, 24,900/82200 and 24,750/81800 would act as key support zones, while 25,210–25,300/82800-83000 could serve as key resistance levels for the bulls. However, below 24,750/81800, the uptrend would become vulnerable.
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