Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
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Below the Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices witnessed profit booking at higher levels, the Nifty ends 122 points lower while the Sensex was down by 398 points. Among Sectors, Oil Gas and PSU Bank indices lost the most shed over 1.5 percent whereas selective Pharma and FMCG stocks registered buying interest at lower levels. Technically, after muted open one more time market took resistance near 25100 and reversed sharply. On daily charts it has formed small bearish candle on intraday charts it has formed lower top formation which suggest temporary weakness.
We are of the view that, the current market texture is weak but fresh sell of possible only after dismissal of 20 day SMA (Simple Moving Average) or below 24900/81400. Below the same, it could slip till 24775- 24725/81000-80800. On the flip side, 25000/81800 would be the key levels for the bulls. Above which, it could bounce back till 25100-25150/82150-82500.
Above views are of the author and not of the website kindly read disclaimer
