Market Morning inputs by Shrikant Chouhan, Head Equity Research, Kotak Securities
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Below the Quote on Market Morning inputs by Shrikant Chouhan, Head Equity Research, Kotak Securities
The benchmark indices witnessed profit booking at higher levels, the Nifty ended 93 points lower while the Sensex was down by 236 points. Among sectors, the IT index outperformed today, rallied 0.75 percent, whereas the Media index lost the most, shed over 2 percent. Technically, after a muted open market consistently faced selling pressure at higher levels, it also formed a bearish candle on daily charts, indicating a largely negative trend.
We are of the view that the intraday market texture is weak, but fresh sell-off is possible only after a dismissal of 24,500/81000 below which level; the market could slip to 25,350-25,300/80500-80300. On the other side, above 24,620/81500, the sentiment could change. Above that level, the market could bounce back up to 24,700/81800. Further upside may also continue, which could lift the index up to 24,775/82000.
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