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Below the Quote on Weekly Market Round up by Shrikant Chouhan, Head Equity Research, Kotak Securities 

Today, the benchmark indices continued their positive momentum, with the Nifty ends 274 points higher, while the Sensex was up by 855 points. Among sectors, almost all major sectoral indices traded in positive territory, but the Capital Market index outperformed, rallying 4.70 percent. Technically, after a positive open, the market successfully cleared the 24,000/79000 mark and also surpassed the 200-day SMA (Simple Moving Average) mark, which is largely positive. We believe that the short-term market texture is bullish but may be overbought; hence, we could see some profit booking at higher levels.

For traders, the 24,200-24,325/79700-80000 range would act as key resistance areas, while 24,000/79000 and 23,900/78700 could serve as crucial support zones. For day traders, as long as the market is trading above 23,900/78700, buying on intraday corrections and selling on rallies would be the ideal strategy. However, if it falls below 23,900/78700, sentiment could change, and traders may prefer to exit their long positions.

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