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 witnessed lackluster activity, the Nifty ends 1 points higher while Sensex was down by 15 points. Among Sectors, Metal index outperformed, rallied 3 percent whereas intraday profit booking were seen in selective PSU Banks and FMCG stocks. Technically, after a muted opening Nifty/ Sensex registered a fresh all time of 26011.55/ 85163.23. But it failed to close above 26000 / 85000. A small candle on daily charts and non-directional activity on intraday charts showing indecisiveness between the bulls and the bears.
We are of the view that, the short-term market texture is still in to the positive side, but due to temporary overbought environments we could see range bound activity in the near future. For the bulls now, 25850-25800/84600-84500 would act as a key support zones while 26050-26100/85300-85500 would be the key profit booking areas for the day traders. However, below 25800/84500 uptrend would be vulnerable.
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