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

Today, the benchmark indices witnessed a sharp selloff, the Nifty ends 220 points lower while the Sensex was down by 500 points. Among sectors all the major sectoral indices registered profit booking at higher levels but realty and auto lost the most fell over 3.5 percent. Technically after a muted opening Nifty breached important level of 24900/81500 and post breakdown the selling pressure intensified. On daily chart the index has formed bearish candle and on intraday charts it is holding a lower top formation. We are of the view that the market texture is weak and as long as Nifty trades below 24900/81500 weak sentiment is likely to continue. On the downside the market could slip till 24550-24500/80900-80600. On the flip side, above 24825/81300 we could see a one quick pullback rally till 24850-24900/81400-81500.

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