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

After a long correction, today the benchmark indices witnessed a pullback rally, the Nifty ends 170 points higher while the Sensex was up by 600 points. Among Sectors, almost all the major sectoral indices were traded in to the positive territory but PSU Bank index outperformed, rallied nearly 4 percent. Technically, after early morning intraday correction market took the support near 24100/79400 and reversed. Post reversal it held the positive momentum throughout the day, which is largely positive.

For the traders now, 24200-24100 / 79600-79400 would act as a key support zones. As long as the market is trading above the same, the pullback formation is likely to continue. On the higher side, market could move up till 24525-24600/80400-80600. On the flip side, below 24100/79400 the sentiment could change. Below the same, traders may prefer to exit out from the trading long positions.

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