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

Today, the benchmark indices witnessed selling pressure at higher levels, the Nifty ends 71 points lower while the Sensex was down by 153 points. Among Sectors, Reality index was the top gainer, rallied over 2 percent whereas Metal index shed nearly 1.5 percent. Technically, after positive opening market consistently facing selling pressure at higher levels. On daily charts, it has formed bearish candle, which indicates temporary weakness.

We are of the view that, the short-term market texture is non-directional and range bound activity is likely to continue in the near future. For the day traders now, 25000/81500 would be the immediate support zone. Above the same, we could see one quick pullback rally till 25200-25250/82300-82500. On the flip side, below 25000/81500 the market could retest the level of 24920-24900/81000-80700.

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