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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 corrected sharply, with the Nifty ends 247 points lower and the Sensex down by 964 points. Among sectors, the Pharma and Healthcare indices rallied over 1 percent, while the IT, Defence, and financial indices shed over 1 percent.
Technically, after a gap down, the market hovered within the range of 23900/79200 to 24000/79500 throughout the day. We believe that the short-term market sentiment remains on the weak side; however, due to temporary oversold conditions, we could see a quick pullback rally from the current levels.
For traders, the key support zones are at 23870/79000 and the 200-day SMA (Simple Moving Average) or 23825/78800. If the index remains above these levels, we could see a quick pullback rally towards 24150-24200/79500-79800. Conversely, if it falls below the 200-day SMA or 23825/78800, below which it could slip till 23750-23725/78500-78350.
Above views are of the author and not of the website kindly read disclaimer
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