Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities
The market once again strongly resisted going below 15,500/51,700. With 15,500/51,700 levels holding support for the second day in a row, the market saw a strong short-covering trend today. After Friday’s indication, the market has formed a bullish continuation formation today and according to that 15,800/52,800 will be a big hurdle. However, if indices manage to close above 15,800/52,800, it could reach 16,000/16,050 (53,400/53,500). On Tuesday, 15,800/52,800 and 15,650/52,400 could be the trading range of the market. The Bank-Nifty moved from 33,900 to close at 34,900, which is remarkable and looks appropriate considering the yield of the bond.