Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
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Below the Quote on Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices continued profit booking at higher levels. The Nifty ends 332 points lower, while the Sensex dropped 1064 points. Among sectors, almost all the major sectoral indices registered profit booking at higher levels, but the PSU Bank index lost the most, shedding 1.89 percent. Technically, after a weak open, the market faced selling pressure throughout the day. A bearish candle formed on the daily charts, closing below 24,500/81200, indicating further weakness from the current levels.
We are of the view that the current market texture is weak, but a fresh sell-off is possible only after the dismissal of 24,275/80500. Below this level, the market could slip to 24,200-24125/80200-80000. On the other hand, above 24,400/81000, we could expect a pullback rally up to 24,500-24,525/81200-81300.
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