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

Today, the benchmark indices continued their positive momentum, with the Nifty ends 50 points higher and the Sensex up by 115 points. Among sectors, the Nifty Digital index gained over 2 percent, while oil, gas, and selective banking stocks witnessed intraday profit booking at higher levels.

Technically, after a muted open, the market held positive momentum throughout the day. It also formed a reversal formation on the daily charts, which supports a further uptrend from the current levels.

We are of the view that as long as it is trading above 23,100/76200, the pullback formation is likely to continue. On the higher side, the market could bounce back to the 23,400-23,450/77000-77100 range. On the other hand, if it falls below 23,100/76200, the sentiment could change, and the market may retest levels of 23,000-22,950/76000-75700.

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