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 witnessed positive momentum. The Nifty ends 99 points higher, while the Sensex was up by 319 points. Among sectors, the PSU Banks and Defence indices rallied over 2.5 percent, whereas intraday profit booking was seen in FMCG and selective IT stocks.
Technically, after a gap-up opening, the market registered some selling pressure at higher levels; however, it succeeded to close above the 23,300/76900 resistance mark, which is largely positive. Additionally, on intraday charts, the market is holding a positive consolidation formation that supports further uptrend from the current levels. We believe that, above 23300/76900 the market could continue its bullish momentum toward 23,450-23,500/77500-77700. On the other hand, if it falls below 23300/76900, sentiment could change, and it may retest levels of 23200-23175/76600-76500.
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