Market Wrap by Shrikant Chouhan, Head of Equity Research, Kotak Securities
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Below the Quote on Market Wrap by Shrikant Chouhan, Head of Equity Research, Kotak Securities
Today the benchmark indices registered a fresh all time high of 25611.95/83773.61 but witnessed profit booking at higher levels. The Nifty ends 38 points higher while the Sensex was up by 237 points. Among Sectors, FMCG Index rallied over 1 percent whereas Media index shed over 1.5 percent.
Technically, after a gap up open market consistently facing selling pressure at higher levels. From the day, highest point market corrected over 230 /700 points. We are of the view that, the larger texture of the market is still in to the positive side but fresh uptrend rally possible only after dismissal of 25500/83500. Above 25500/83500, it could retest the level of 25600/83770. Further upside may also continue which could lift the index till 25675/84000. On the other side, below 25500/83500 it could slip till 25300-25285/82900-82700
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