Market Wrap By Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Quote on Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices witnessed profit booking for the third consecutive day. The Nifty ended 137 points lower, while the Sensex was down by 502 points. Among sectors, the Pharma index gained the most, rallied over 1 percent, whereas the Media index shed over 2 percent. Technically, the market experienced selling pressure at higher levels once again. A bearish candle on daily charts and a lower top formation on intraday charts indicate further weakness from the current levels. Additionally, after a long time, the Nifty Index closed below the 20-day SMA (Simple Moving Average), which is largely negative for the short term.
We believe that the current market texture is weak, but a fresh sell-off is only possible if it dismisses 24150/80000. If it falls below this level, the market could slip to 24050-24000/79700-79500. On the other hand, if it rises above 24250/80400, we could see a quick pullback rally up to the 20-day SMA or 24350-24400/80700-81000.
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