Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
Below the Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
Today, the benchmark indices continued their positive momentum. The Nifty ends 131 points higher, while the Sensex was up by 444 points. Among sectors, the Capital Market and Defense indices outperformed, rallying over 2 percent, whereas intraday profit booking was seen in selective PSU banks and media stocks. Technically, on daily charts, the market has formed a reversal formation and is currently trading near the 20-day SMA (Simple Moving Average). We believe that 24,600/81000 would act as a key support zone for traders. As long as the market is trading above this level, the bullish sentiment is likely to continue. On the higher side, the market could move up to 24,900-25,000/82000-82200. However, a breakdown below 24,600/81000 could change the sentiment. Below this level, the market could retest the levels of 24,500–24,450/80700-80500.
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