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 positive momentum, the Nifty ends 114 points higher while the Sensex was up by 295 points. Among Sectors, Defense, Auto and tourism indices gained over 1 percent whereas selective Banking stocks witnessed intraday profit booking at higher levels. Technically, after a gap up open market registered range bound activity. On daily charts it has formed small bullish candle and on intraday charts it is holding uptrend continuation formation.
We are of the view that, 24375/80500 would act as a key support zone for the trend following traders. Above the same, the market could move up to 24600-24675/81000-81300. On the other side, dismissal of 24375/80500 could trigger a quick intraday correction. Below the same, market could retest the level of 24300-24250/80200-80000
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