Stock Market Live: GIFT Nifty indicates a positive start; US markets gain, Kospi jumps 13%

Today, the benchmark indices continued their positive momentum, with the Nifty ending 67 points higher and the Sensex rising by 274 points. Among sectors, the auto index was the top gainer, rallying over 1.76 percent, whereas the reality index lost the most, shedding 2 percent.

Technically, after a muted open, the entire day the market traded comfortably above the 20-day SMA (Simple Moving Average), which is largely positive. In addition, a bullish candle on daily charts and an uptrend continuation formation on intraday charts indicate a strong possibility of further uptrend from the current levels.

For trend-following traders, now 24,200/77,500 would act as a key support zone. Above this, the uptrend wave is likely to continue. On the higher side, the rally could extend till 24,450-24,500 / 78,300-78,500. On the flip side, below 24,200/77,500, the uptrend would become vulnerable. Below this, traders may prefer to exit their long positions.