Quote on Market Wrap Up 29th July 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Quote on Market Wrap Up 29th July 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices bounced back sharply. The Nifty ends 140 points higher, while the Sensex was up by 447 points. Among sectors, almost all the major sectoral indices traded in positive territory, with Pharma, Healthcare, and Infra indices outperforming, each rallying over 1 percent.
Technically, after a muted open, the market took support near 24,600/80,600 and rebounded sharply. From the day's lowest point, the market rallied over 240/850 points. An intraday reversal formation after a long correction, coupled with a bullish candle on the daily charts, indicates a further uptrend from the current levels.
We are of the view that 24,700/81,000 and 24,650/80,900 will act as key support zones for day traders. As long as the market trades above these levels, the pullback formation is likely to continue. On the higher side, 25,000–25,075/82,000–82,200 would be the key resistance zones for the bulls. For day traders, buying on intraday dips and selling on rallies would be the ideal strategy. However, if the market falls below 24,650/80,900, sentiment could change. Below these levels, traders may prefer to exit their long positions.
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