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

Today, the benchmark indices bounced back sharply, with the Nifty ends 289 points higher while the Sensex was up by 1006  points. Among sectors, almost all the major sectoral indices traded in positive territory, but the Defense and Oil and Gas indices outperformed, with Defense up 4 and Oil and Gas gain 3 .14 percent.

Technically, after a promising opening, the market maintained positive momentum throughout the day. Additionally, it formed a long bullish candle on the daily charts, which supports a further uptrend from current levels. We believe that the short-term market texture is still on the bullish side but buying on intraday dips and selling on rallies would be the ideal strategy for day traders.

On the downside, 24200/79800 and 24100/79500 would act as key support zones, while 24400-24500/80500-80700 could serve as crucial resistance areas for the bulls. However, if the market falls below 24100/79500, the uptrend would become vulnerable.