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 experienced a volatile session, with the Nifty ended 10 points higher and the Sensex up by 114 points. Among sectors, the Realty and PSU Banks indices outperformed, rallied over 2 percent, while intraday profit booking was observed in the Auto and FMCG indices.
From a technical perspective, after a promising uptrend rally, the Nifty/Sensex has formed a Doji candlestick formation, indicating indecisiveness between the bulls and bears. We believe that the short-term market trend is still positive, and a strategy of buying on dips and selling on rallies would be ideal for day traders.
In terms of support and resistance levels, 24350-24250/80500-80100 will act as key support areas, while 24550-24625/81100-81500 could serve as crucial resistance zones for the bulls. However, a breach below 24250/80100 would render the uptrend vulnerable.
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