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 for the fourth day in a row, with the Nifty ends 283 points higher while the Sensex rose by 899 points. Among sectors, all the major sectoral indices traded in positive territory, but the Defence, Oil, and Gas indices outperformed, with both indices rallying over 1.5 percent.
Technically, the market successfully cleared the 50-day SMA (Simple Moving Average) level and the 23,000/75700 resistance zone, which is largely positive. Additionally, it formed a bullish candle on daily charts, supporting a further uptrend from the current levels.
We believe that the overall market sentiment is bullish, but buying on dips and selling on rallies would be the ideal strategy for day traders. In the near future, 23,100/76000 and 23,000/75700 or (the 50-day SMA) will be key support zones, while 23,300/76500 and 23,400/76800 could serve as key resistance areas for day traders. However, if the market falls below 23,000/75700, sentiment could change. Below this level, traders may prefer to exit their long positions.
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