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

On the last day of the January F&O series, the market maintained positive momentum, with the Nifty ends 86 points higher while the Sensex was up by 227 points. Among the sectors, the Defence index was the top gainer, rallying over 2 percent, whereas the Media and IT indices shed more than 1 percent.

Technically, after a promising pullback rally, the market is holding an uptrend continuation formation, which is largely positive. A bullish candle on the daily charts and a higher bottom formation on the intraday charts indicate further uptrend potential from the current levels.

For trend-following traders, 23150/76400 would be the key support level. Above this level, the pullback formation is likely to continue. On the upside, it could bounce back to 23400-23450/77000-77200. Conversely, if it falls below 23150/76400, the uptrend would be vulnerable. Below this level, traders may prefer to exit their long positions.

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