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

The benchmark indices continued their positive momentum, with the Nifty ends 500   points higher, while the Sensex was up by 1578 points. Among sectors, all the major sectoral indices traded in positive territory, with the Realty index outperforming, gained 5.75 percent. Technically, on the backdrop of positive global sentiment, our market opened with a huge gap up, and after a strong opening, it hovered for the entire day between the 23250 to 23350/76500-76800 prices ranges.

In addition, on daily charts, the market is holding uptrend continuation formation, which supports a further uptrend from the current levels. We are of the view that the current market texture is bullish; however, due to temporary overbought conditions, we could see some profit booking at higher levels. For traders, 23400/76900 and 23500/77300 would act as key resistance areas, while 23200-23135/76400-76100 could serve as crucial support zones. However, below 23135/76100, the uptrend would be vulnerable. For day traders, as long as it is trading above 23130/76100, buying on intraday corrections and selling on rallies would be the ideal strategy.

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