Market successfully crosses biggest hurdle

Mumbai, May 24: On Thursday, the benchmark indices hit a new all-time high of 75499.91 after a promising intraday rally Sensex was up 1197 points. Among sectors, almost all major sector indices were trading in positive territory but Auto, and with both the indices rising over 2 per cent.

“Technically, after a gradual start, the market successfully crossed the biggest hurdle of 75,000 and the positive momentum intensified after the breakout A long bullish candle on the daily chart is indicating a decisive break out that could help the market to rally further from current levels,” says Shrikant Chouhan, Head Equity Research, Kotak Securities.

Earlier resistance, 75000 will be the key support level in corrections. Above that the market can rally up to 77000-77800 On the other hand, below 75,000.

GIFT is facing bearish pressure this Friday morning, Yesterday, investor optimism about the current regime's continuation in the upcoming general elections. However, Wall Street's decline due to a hotter-than-expected manufacturing survey and concerns over the Federal Reserve's interest rate decisions have dampened market sentiments.

“With the India VIX rising above 21, indicating increased volatility, the strategy is to stay nimble. Recommended trades are to sell Consider buying PATEL ENGINEERING at CMP 65 for targets of 79 and 89, as a momentum play,” says Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.