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 continued their positive momentum, with the Nifty ends 207 points higher while the Sensex was up by 610 points. Among sectors, the Oil & Gas and Metal indices rallied over 2 percent, whereas intraday profit booking was observed in IT and Realty stocks.
Technically, after an early morning intraday sell-off, the market found support near 22,250/73500 and bounced back sharply, which is largely positive. Additionally, on the intraday charts, the market is maintaining an uptrend continuation formation, supporting further upward movement from the current levels.
For day traders now, 22,250/73500 will act as a crucial support zone. Above this level, the pullback formation is likely to continue until 22,650-22,700/74500-74800. Conversely, if the market falls below 22,250/73500, the uptrend would become vulnerable, and traders may prefer to exit their long positions.
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