IGI Logo

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

Today, the benchmark indices bounce back sharply, the Nifty ends  218  points higher while the Sensex was up by 694  points. Among Sectors, almost all the major sectoral indices bounce back sharply but Metal index outperformed, rallied over 1.35 percent. Technically, after intraday dip one more time market took the support near 23850/78300 and reversed. Post reversal it not only cleared 24000/78800 resistance mark but it succeeds to close above the same which is largely positive. In addition, it also formed bullish candle on daily charts, which supports further uptrend from the current levels. For the traders now, 24000/78800 would act as a sacrosanct support level. Above the same, the pullback formation is likely to continue. On the higher side, it could move up till 24400-24500/80000-80300. On the flip side, Below 24000/78800 traders may prefer to exit out from the trading long positions

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