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

Today, the benchmark indices witnessed narrow range activity, the Nifty ends 84  points higher while the Sensex was up by  375 points. Among Sectors, FMCG index outperformed rallied 2  percent whereas Energy, Oil and Gas indices shed over 1 percent. Technically, after a weak open market took the support near 20 day SMA and reversed. Post reversal it held positive momentum throughout the day. A small bullish candle on daily charts and reversal formation on intraday charts suggesting pullback formation is likely to continue in the near future. We are of the view that, as long as market is trading above 20 day SMA (Simple Moving Average) or 24800/81000 the pullback formation is likely to continue. On the higher side, it could move up till 25000/81800 and 25125/82200. On the other side, below 24800/81000 uptrend would be vulnerable below the same; traders may prefer to exit out from the trading long positions

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