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

On the last day of November F& O series, the benchmark indices corrected sharply, the Nifty shed 361  points while the Sensex was down by 1190 points. Among Sectors, IT index lost the most shed over 2 percent whereas despite weak market sentiment PSU Bank index outperformed rallied  1.25  percent. Technically, after a muted open market breached 24150/79850  support level and post breakdown the selling pressure intensified. On daily charts, it has formed long bearish candle which indicating further weakness from the current levels.

We are of the view that, the current market texture is weak and technical bounce back possible only after dismissal of 24000/79200 or 20 day SMA (Simple Moving Average). Below 20 day SMA or 24000/79200 market is likely to retest the levels of 23850-23750/78500-78200. On the flip side, Above 24000/79200 it could bounce back till 24150-24175/79500-79800.

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