IGI Logo

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

Today, the benchmark indices bounce back sharply, the nifty rallied over 736  points while the Sensex was up by  2304  points. Among Sectors, all the major sectoral indices were traded in to the positive territory but Metal and Private Bank indices outperformed, rallied over 5 percent. Technically, after early morning selloff the Nifty/Sensex took the support near 21800/71900 and bounce back sharply. From the day lowest point the market rallied over 880 /2600 points.

In addition, it also reclaimed the level of 22500/74000 or 50 day SMA (Simple Moving Average) which is largely positive. We are of the view that, the current market texture is extremely volatile hence; level based trading would be the ideal strategy for the day traders. For the traders now, 22500-22400/74000-73700 would be the key supports zones while 22800-22950/75000-75500 would act as a crucial resistance area for the bulls. However, below 22400/73700 uptrend would be vulnerable

Above views are of the author and not of the website kindly read disclaimer