Quote on Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Quote on Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
The benchmark indices continued their positive momentum, with the Nifty ends 109 points higher and the Sensex up by 309 points. Almost all the major sectoral indices traded in positive territory, with the PSU Bank index outperforming and rallying over 2.45 percent.
Technically, after a muted opening, the market found support near 23,275/76550 and reversed sharply. On the daily charts, it has formed a bullish candle, and on the intraday charts, it is holding uptrend continuation formation that is largely positive. For trend-following traders now, 23,275/76550 would be the key support zone. Above this level, the market could maintain its positive momentum until 23,500/77300. Further upside may also continue, potentially lifting the market to 23,575/77500. On the flip side, if it falls below 23,275/76550, the sentiment could change. A drop below this level could lead the market to retest the 23,200-23,150/76500-76200 range.
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