Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices continued their positive momentum, with the Nifty ends 206 points higher while the Sensex was up by 632 points. Among the sectors, Defence, IT, Media, and Realty indices rallied over 2 percent.
Technically, after a positive opening, the market maintained its upward trajectory throughout the day and formed a bullish candle on the daily charts, while also holding a higher bottom formation on the intraday charts. This supports a further uptrend from the current levels. We believe that if the market stays above 23000/76000, the pullback formation is likely to continue, and on the upside, the market could bounce back to the 20-day SMA (Simple Moving Average) at 23350/77000 and 23400/77200. However, if it falls below 23000/76000, the sentiment could change. In that case, traders may prefer to exit their long positions
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