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
Today, the benchmark indices witnessed a recovery from lower levels, with the Nifty ends 105 points higher and the Sensex up by 318 points. Among sectors, the PSU Bank index was the top gainer rallied 2.4 percent, while the Auto index lost the most, shed 1 percent. Technically, after a muted open, the market bounced back sharply. On daily charts, it has formed a bullish candle, which is largely positive.
We are of the view that 23,400/77100 would be the key support zone for day traders. As long as it is trading above this level, the bullish formation is likely to continue. On the higher side, 23,750/78000 and 23,800/78200 would act as key resistance areas for traders. Conversely, a dismissal of 23,400/77100 could change the sentiment. Below this level, the market could slip to 23,300-23,225/76800-76500.
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