The benchmark indices held the positive momentum, the nifty ends 50 points higher while the Sensex was up by 211 points. Among sectors, Oil and Gas and Energy indices rallied most whereas Metal stocks corrected sharply as a result Metal index shed over 1 percent.
On the backdrop of weak market conditions our market opened with a red but after early morning correction it bounce back sharply. Higher bottom formation on intraday charts indicating continuation of uptrend in the near future.
For the trend following traders now 18,400-18,350/62,200-62,000 would be the sacrosanct support zones. Above which the index may hit the fresh all time high or 18,605-18,650/62,750-63,000. On the flip side, below 18,350/62,000 uptrend would be vulnerable. Below the same, traders may prefer to exit out from the trading long positions.