31-10-2024 04:49 PM | Source: Kotak Securities Ltd
Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities

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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.

 

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