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Below the Quote on Market Wrap Up 23rd July 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities

Today, the benchmark indices bounced back sharply, with the Nifty ending 159 points higher and the Sensex gaining 540 points. Among sectors, intraday buying was seen in Auto, Healthcare, and Financial stocks, whereas the Realty index was the top loser, shedding 2.65 percent. Technically, after a positive open, the market maintained its positive momentum throughout the day. On intraday charts, it is holding a uptrend continuation formation, and on daily charts, a bullish candle has been formed, which is largely positive. 

For positional traders, the 50-day SMA (Simple Moving Average) at 25,060/82,000 and 25,100/82,200 would act as key support zones. As long as the market trades above these levels, the bullish sentiment is likely to continue. On the higher side, the 20-day SMA or 25,325/83,000 could serve as the immediate hurdle for the bulls. A successful breakout above these levels could push the market towards 25,400–25,475 / 83,300–83,500. 

On the flip side, if the market falls below 25,060/82,000, the uptrend would become vulnerable. Below this level, traders may prefer to exit their long positions.