Market Morning inputs by Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Quote on Market Morning inputs by Shrikant Chouhan, Head Equity Research, Kotak Securities
On last Wednesday, the benchmark indices experienced limited movement, with the Nifty ended 32 points higher and the Sensex up by 16 points. Among sectors, selective financial stocks registered buying interest at lower levels, whereas the PSU Bank index lost the most, shed nearly 1 percent.
Technically, on daily charts, the index has formed a small candle formation, which suggests indecisiveness between the bulls and the bears. We believe that the current market texture is non-directional; traders are perhaps waiting for a breakout in either direction.
On the upside, if the market breaks above 24,700/81700, it could rise to a range of 24,800-24,825/82000-82200. Conversely, a decline below 24,500/81000 might lead to increased selling pressure. Below the same, it could retest the levels of 24,400-24,350/80700-80500.
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