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
oday, the benchmark indices witnessed selling pressure at higher levels, the Nifty ends 73 points lower while the Sensex also down by 73 points. Among Sectors, almost all the major sectoral indices registered selling pressure at higher levels but Media index lost the most shed over 2.6 percent. Technically, the week opening was positive but due to selling pressure at higher-level indices corrected sharply. On daily charts, the index has formed bearish candle which indicating weak sentiment is likely to continue in the near future.
For the day traders now, 24700/80900 would act as a key support zone. Below which, the selling pressure is likely to accelerate. Below which, the market could retest the level of 24600- 24550/80600-80500. However, above 24875/81500 the market could bounce back till 25000-25050/81800-82000.
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