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 bounced back sharply. The Nifty ends 255 points higher, while the Sensex was up by 740 points. Among sectors, all major sectoral indices traded in the green, with the Metal Index outperformed , rallied over 4 percent.
Technically, after a long correction, the market successfully cleared the 22,200/73200 resistance zone today, and post-breakout, the positive momentum intensified. A long bullish candle and a promising reversal formation on the daily charts indicate a further uptrend from the current levels.
We are of the view that as long as the market is trading above 22,200/73200, the bullish sentiment is likely to continue. On the higher side, it could move up to 22,500-22,550/74300-74500. On the flip side, if it falls below 22,200/73200, the uptrend would be vulnerable. Below this level, traders may prefer to exit their long positions.
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