Market Update: Kotak Securities’ Shrikant Chouhan on the Market
– Strong domestic fundamentals are driving the market’s upward trend, according to Shrikant Chouhan of Kotak Securities.
– The Sensex has hit a new all-time high and the Nifty is steadily breaking its previous high.
– Both foreign and domestic investors are expected to continue buying Indian equities despite global challenges.
Kotak Securities’ Shrikant Chouhan believes that the Indian stock market is witnessing a bullish trend due to strong domestic fundamentals. The Sensex has set a new all-time high, and the Nifty is gradually breaking its previous high. Despite global challenges, both foreign and domestic investors are expected to continue buying Indian equities.
From a technical standpoint, the intraday chart shows that the Nifty is forming a higher bottom formation, which is a positive sign. For traders, the 18,780 support level is crucial, and if the index stays above this level, it could reach 18,900-18,950. However, if the index trades below 18,780 and slips to 18,720-18,700, a short-term correction is possible.
In conclusion, the Indian stock market continues to remain resilient despite global challenges, and investors are advised to keep buying Indian equities.
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