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

Today, the benchmark indices witnessed positive momentum; the Nifty ended 112 points higher, while the Sensex was up by 341 points. Among sectors, the Healthcare and Pharma indices rallied over 1.5 percent, whereas the Media index was the top loser, shed nearly 1 percent. Technically, the market found support once again near 22,350/73,800 and bounced back sharply. On daily charts, it has formed a bullish candle, and on intraday charts, it is holding a higher bottom formation, which is largely positive.

We are of the view that as long as the market is trading above 22,350/73,800, the bullish sentiment is likely to continue. On the higher side, 22,600/74,500 would be the immediate resistance zone for the bulls.

Following a breakout above 22,600/74,500, the market could move toward 22,675-22,700/74,700-74,800. On the flip side, if the market falls below 22,350/73,800, the sentiment could change. Below this level, traders may prefer to exit their long positions.

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