IGI Logo

Below the Quote on Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities

Today, the benchmark indices witnessed lackluster activity, the Nifty ends 21  points higher while the Sensex was up by 98  points. Among Sectors, Media index was the top gainer, rallied over  1 percent whereas FMCG stocks witnessed intraday profit booking at higher levels. Technically, after positive opening entire day the market hovered between 23350 to 25440/82850-83100. 

A small bearish  candle on daily charts and range bound activity on intraday charts indicating indecisiveness between the bulls and the bears. We are of the view that, the larger texture of the market is bullish but we could see a range bound activity in the near future. For the traders now, 25350 and 25300/82900-82700 would be the key supports zone while 25500-25575/83300-83600 would act as key resistance areas. However, below 25300/82700  the sentiment could change. Below the same, traders may prefer to exit out from the trading long positions.

Above views are of the author and not of the website kindly read disclaimer