Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
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Below the Quote on Market Wrap by Shrikant Chouhan, Head of Equity Research, Kotak Securities
Today, the benchmark indices witnessed lackluster activity, the Nifty ends 17 points higher while the Sensex was up by 144 points. Among Sectors, Banking and Financial stocks witnessed buying interest as a result Bank Nifty index rallied over 1 percent whereas Pharma index was the top looser, shed nearly 2 percent. Technically, after a muted opening entire day market hovered between 24980 to 25130/81550-82000 . A small inside candle on daily charts and non-directional activity on intraday charts indicating indecisiveness between the bulls and the bears.
We are of the view that, the current market texture is non-directional perhaps traders are waiting for either side breakout. For the traders now, 25130/82000 would be the key breakout level. Above the same, market could bounce back till 25260-25300/82300-82500. On the other side, dismissal of 24950/81500 may trigger further weakness. Below the same, the market could retest the level of 24875-24825/81200-81000.
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