Bizz Buzz Bureau Mumbai

Thebenchmark indices continued their positive momentum, with the Sensex was up by 544 points. Among sectors, Reality and IT indices gained the most, with Reality up by 2 per cent and IT gaining 1.75 per cent, whereas the Metal index corrected sharply, shedding over 1.48 per cent.

Technically, after a muted open, the market held positive momentum throughout the day. It has formed a small bullish candle and is also maintaining a higher bottom formation on intraday charts, which supports a further uptrend from the current levels.

“We are of the view that the intraday market trend is upward, but a fresh rally can only be expected after the 77,000 level is surpassed,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.

Post the 77,000 breakout the market could move up to 77,300-77,500. On the flip side, 76,500 and 76,300 would act as key support zones for day traders. Below 76,300, the uptrend would become vulnerable. If the market falls below this level, traders may prefer to exit their long positions.