Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Below the Quote on Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices continued selling pressure at higher levels, the Nifty ends 136 points lower while the Sensex was down by 553 points. Among Sectors, IT Index lost the most; shed 2.85 percent whereas Media and Pharma rallied over 1.5 percent. Technically, from last two days market consistently facing selling pressure at higher levels. A bearish candle on daily charts and lower top formation on intraday charts indicating further weakness from the current levels. We are of the view that, the intraday market texture is weak but currently market is trading near important support level of 24200/79350. If it succeeds to trade above the same then we could see a sharp technical bounce back till 24300/79700. Further upside may also continue which could lift the market till 24400/80000. On the flip side, below 24200/79350 it could slip till 24100-24050/79000-78800.
Above views are of the author and not of the website kindly read disclaimer
