Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
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Below the Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
Today, the benchmark indices witnessed narrow range activity, the Nifty ends 31 points lower while the Sensex was down by 203 points.
Among Sectors, Reality, and Media indices rallied over 1 percent whereas IT index was the top looser, shed 1.84 percent. Technically, after a positive opening entire day the market hovered between 23230 to 23400/76400-77000. Intraday range bound activity and small bearish candle on daily charts after a strong rally indicates indecisiveness between the bulls and bears. For the day traders now, 23400/77000 would be the immediate resistance level. As long as the market is trading below the same, the correction formation is likely to continue. Below the same, the market could slip till 23100-23025/76100-76000. On the flip side, post 23400/77000 breakout the index could move up to 23500-23520/77300-77400. Contra traders can take long bet near 23025/76000 with strict 30/100 points stop Loss
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