Stock Market LIVE Updates: During the week, the market took support near the 200-day Simple Moving Average (SMA) and bounced back sharply. However, it also registered profit booking at higher levels. Technically, on weekly charts, it has formed a bullish candle and is currently trading comfortably above the 20-day SMA, which is largely positive.
Kotak Securities are of the view that the market has completed one leg of correction, and for short-term traders, 25,500 and 83,000 and 25,350 and 82,500 would act as crucial support zones. If the market succeeds in trading above these levels, it could bounce back to 25,800/83,800. A successful breakout of 25,800 and 83,800 could push the market up to 26,000-26,050 and 84,500-84,700. On the flip side, a decline below 25,350 and 82,500 would make the uptrend vulnerable.
View by: Amol Athawale, vice president, technical research, Kotak Securities