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
The benchmark indices continued positive momentum second day in a row, the Nifty ends 201 points higher while the Sensex was up by 692 points. Among Sectors, Reality index was the top gainer, rallied 4.69 percent whereas selective Healthcare and FMCG stocks witnessed intraday profit booking at higher levels. Technically, after a gap up opening entire day the market hovered between 22650 to 22900/74475-75290 levels. However, on intraday charts the market is still holding uptrend continuation formation, which is broadly positive. We are of the view that, the index has completed one leg of pullback rally and we could see some profit booking at higher levels. For the day traders now, 22650/74475 would act as a key support level. As long as the market is trading above the same, the positive sentiment is likely to continue. On the higher side, the index could find the resistance at 22900-23000/75290-75500. On the other side, below 22650/74475 uptrend would be vulnerable. Below the same, traders may prefer to exit out from the trading long positions.
Above views are of the author and not of the website kindly read disclaimer
