Further uptrend possible from current level

The benchmark indices bounced back sharply. The Sensex was up by 545 points. Among sectors, the Oil and Gas index outperformed today, rallying 2.60 per cent, whereas despite strong momentum, the Digital index closed in the negative territory, shedding 0.40 per cent.

Technically, on the daily charts, the index has formed a promising reversal pattern, and a long bullish candle supports the potential for a further uptrend from the current levels.

Shrikant Chouhan, Head - Equity Research, Kotak Securities, said: “We are of the view that 85,000 and 84,800 would act as immediate support zones for traders. As long as the market trades above these levels, the bullish sentiment is likely to continue, with the market potentially reaching 85,800.

“Further upside could also push the market up to 86,100. On the flip side, below 84,800, the uptrend would become vulnerable. Below this level, traders may consider exiting their long positions.”