Quote on Market Wrap by Shrikant Chouhan, Head of Equity Research, Kotak Securities
Below the Quote on Market Wrap by Shrikant Chouhan, Head of Equity Research, Kotak Securities
Today, the benchmark indices continued their positive momentum, with the Nifty ends 73 points higher and the Sensex rising by 148 points. Among sectors, the Defence index outperformed, rallying nearly 5 percent, while the IT index lost the most, shedding over 1 percent.
Technically, after a promising uptrend rally, the market is witnessing range-bound intraday activity at higher levels. It also formed a small bullish candle on daily charts, indicating indecisiveness between the bulls and the bears.
We are of the view that the short-term texture of the market is still on the positive side, but due to temporary overbought conditions, we could see range-bound activity in the near future. For day traders, the key support zones are 22800-22720/75200-75000, while 23000-23100/78800-76000 could act as crucial resistance areas for the bulls. A fall below 22720/75000 would make the uptrend vulnerable.
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