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

Today, the benchmark indices bounced back sharply, with the Nifty ends 446 points and the Sensex gained by 1436 points. Among sectors, almost all the major sectoral indices traded in positive territory, but the Auto index outperformed, rallying by 3.75 percent. Technically, the market successfully cleared the 200-day SMA (Simple Moving Average) resistance mark, and after this breakout, positive momentum intensified.

On daily charts, it has formed a long bullish candle, which supports further uptrend from the current levels. We believe the current market sentiment has shifted from bearish to bullish, and the levels of 24,000/79400 and 24,100/79700 would act as strong support zones for short-term traders. On the upside, the range of 24300/80300 to 24,375/80500 could serve as crucial resistance areas for short-term traders.  The current market texture is bullish and for the day traders buying on intraday corrections and selling on rallies would be the ideal strategy. However, if the index falls below 24,000/79400, the uptrend would become vulnerable.

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