Market Wrap by Shrikant Chouhan, Head of Equity Research, Kotak Securities
Below the Quote on Market Wrap by Shrikant Chouhan, Head of Equity Research, Kotak Securities
Today, the benchmark indices witnessed lackluster activity, the Nifty ends 20 points lower while the Sensex was down by 17 points. Among Sectors, FMCG index was the top looser, shed 2.80 percent whereas PSU Bank index rallied 1.2 percent. Technically, after a muted open entire day market hovered between 24350 to 24450/79850-80200. A small candle on daily charts and non-directional activity on intraday charts shows indecisiveness between the bulls and the bears.
For the day traders now, 24450/80200 would be the crucial resistance zone. Above the same, the market could bounce back till 24600-24625/80500-80800. On the flip side, below 24350/79850 the selling pressure is likely to accelerate. Below the same, market could slip till 24250-24200/79500-79300.
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