Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities
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Below the Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices registered a fresh all time high of 25433.35./83116.19. After a stellar rally, the Nifty ends 470 points higher while the Sensex was up by 1440 points. Among Sectors, all the major sectoral indices were traded in to the positive territory but Metal and Infra and Auto indices gained over 2 percent. Technically, after a gap up opening market successfully cleared 25100/82200-resistance zone and post breakout it intensified positive momentum. A long bullish candle on daily charts and breakout continuation formation on intraday charts indicating further uptrend from the current levels. We are of the view that, the current market texture is bullish but buying on intraday correction and sell on rallies would be the ideal strategy for the day traders. For the day traders now, 25300/82700 and 25200/82500 would act as a key support zones while 25500-25600/83300-83600 would be the key resistance areas for the bulls. However, below 25200/82500 uptrend would be vulnerable.
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