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Below the Quote on Market Wrap by Shrikant Chouhan, Head of Equity Research, Kotak Securities

Today, the benchmark indices witnessed a volatile trading session, after a roller coaster intraday activity the Nifty ends 36 points lower while the Sensex was down by 120 points. Among Sectors, IT index was the top gainer, rallied 2.5 percent whereas Healthcare and Pharma indices shed over 1.5 percent. Technically, after weak opening market bounce back sharply but one more time it witnessed selling pressure at higher levels. The intraday market texture is weak but oversold hence, we could expect one quick pullback rally if the market succeeds to trade above 24600/80500. Above the same, it could bounce back till 24650-24700/80700-80900. On the other side, below 24380/79900 the selling pressure is likely to accelerate. Below which, the market could slip till 24300-24250/79600-79400

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