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

Today, the benchmark indices witnessed a stellar rally, with the Nifty ends 326 points higher while the Sensex was up by 1131 points. Among sectors, all the major sectoral indices traded in positive territory, but the Capital Market, Media, and Realty indices outperformed, rallying over 3 percent.

Technically, after a long consolidation, the market successfully surpassed the 22,600/74500-resistance zone today, and following this breakout, positive momentum intensified. Additionally, the market is currently trading comfortably above the 20-day SMA (Simple Moving Average), which also indicates a further uptrend from current levels. We believe that the short-term market outlook is bullish; but for day traders, buying on intraday corrections and selling on rallies would be the ideal strategy.

In the near future, 22,700/75000 and 22,600/74500 will act as key support zones, while 22,950/75600 and 23,000/75800 could serve as profit-booking areas for day traders.

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