IGI Logo

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

Today, the benchmark indices witnessed a sharp bounce back, with the Nifty ends 378 points higher and the Sensex up by 1397 points. Among sectors, almost all major sectoral indices traded in positive territory, with the Oil and Gas and PSU Banks indices outperforming, gaining over 2 percent. Technically, after a gap-up opening, the market successfully cleared the 23,500/77800-resistance zone, and post-breakout, the positive momentum intensified. Additionally, a bullish candle on the daily charts and an uptrend continuation formation on the intraday charts indicate further upward movement from the current levels.

We believe that the current market texture is bullish, and "buy on intraday dips and sell on rallies" would be the ideal strategy for day traders. For traders now, 23,600/78100 and 23,500/77800 would be the key support zones, while 23,800/78700-23,850/78900 could act as key resistance areas for the bulls.

Above views are of the author and not of the website kindly read disclaimer