New Delhi [India], March 18 : The Indian benchmark indices recorded a strong finish on Wednesday as the BSE Sensex and NSE Nifty 50 climbed up, recovering from a cautious start to end near the day's peak. According to BSE, the Sensex closed at 76,704.13, gaining 633.29 points (+0.83%), while the NSE Nifty 50 ended 196.65 points higher at 23,777.80 (+0.83%).
Shrikant Chouhan, Head of Equity Research at Kotak Securities, said that "Today, the benchmark indices continued their positive momentum. The Nifty ended 197 points higher, while the Sensex was up by 633 points. Among sectors, almost all the major sectoral indices registered buying interest at lower levels, but the Media index outperformed today, rallying over 3%."
He also highlighted that, "Technically, after a positive open, the market held positive momentum throughout the day. An uptrend continuation formation on intraday charts and a bullish candle on daily charts indicate a further uptrend from the current levels."
Chouhan, however, cautioned that the market has "completed one leg of the pullback rally" and could face "some profit booking at higher levels."
Looking ahead, Chouhan has identified critical support and resistance levels for the coming sessions. Chouhan identified 23,600 and 76,000 as immediate support zones, noting that "below 23,500/75700, the sentiment could change."
"For day traders, buying on intraday dips and selling on rallies would be the ideal strategy. On the downside, 23,600/76000 and 23,500/75700 would be the immediate support zones, while 23,950-24,000/77000-77300 could act as crucial resistance areas for the bulls. However, below 23,500/75700, the sentiment could change. If the index falls below this level, traders may prefer to exit their long positions," he said.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor