Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Quote on Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
On last Monday, the benchmark indices witnessed intraday profit booking at higher levels. The Nifty ended 100 points lower, while the Sensex was down by 385 points. Among sectors, the Realty index gained the most, rallying over 3 percent, while intraday profit booking was observed in selective Metal and IT stocks.
Technically, on daily charts, the index has formed a small bearish candle, indicating indecisiveness between the bulls and the bears. We believe that the current market texture is non-directional, and the ideal strategy for day traders would be to buy on intraday corrections and sell on rallies.
For day traders, 22600/81500 and 22550/81300 would be key support zones, while 22800/82000-22850/82200 could act as crucial resistance areas for the bulls. However, if the index falls below 22550/81300, traders may prefer to exit their long positions.
Above views are of the author and not of the website kindly read disclaimer
