IGI Logo

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

Today, the benchmark indices witnessed promising rally, the Nifty ends 104 points higher while the Sensex was up by 344 points. Among Sectors, almost all the major sectoral indices registered buying interest at lower levels but Media Index outperformed rallied over 2.5 percent. Technically, after early morning intraday correction market took the support near 24900/81400 and reversed sharply. Post reversal it witnessed a promising uptrend rally. However, it trimmed some gains from the day highest level of 25130.50/82196 but eventually managed closed above 25000/81800 mark, which is largely positive. We are of the view that, market completed one leg of pullback rally and now 25000/81800 would be the crucial support level for traders. Above 25000/81800, it could bounce back up to 25150-25175/82200-82500. However, Below 25000/81800 the market could retest the level of 24900/81500. Further down side may also continue which could drag the index till 24850/81300

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