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Below the Quote on Market Wrap Up 21 July 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities

Today, the benchmark indices intraday recovered from lower levels. The Nifty ends 122  points higher, while the Sensex was up by 443 points. Among sectors, the Financial Services index outperformed, rallying 1.63 percent, whereas profit booking was seen in the Oil & Gas sector, leading the Oil & Gas index down by 1.11 percent.

Technically, after an early morning intraday selloff, the market took support near 24,900/81500 and bounced back sharply. From the day's lowest point, the market recovered over 200 /700 points. A reversal intraday formation and a bullish candle near the 50-day SMA (Simple Moving Average) indicate that a pullback formation is likely to continue in the near future.

For  traders, 25,000/82000 and 24,900/81500 would act as key support zones. As long as the market is trading above 24,900/81500, the pullback formation is likely to continue. On the higher side, the bounce back could extend up to the 20-day SMA or 25,300/82800. Further upside may also continue, potentially lifting the market up to 25,375/83000. On the flip side, a decline below 24,900/81500 would make the uptrend vulnerable.