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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 profit booking at higher levels, the Nifty ends 25 points lower while the Sensex was down by 35 points. Among Sectors, IT index outperformed, rallied over 1 percent whereas PSU Bank index lost the most, shed 1.8 percent. Technically, after gap up open market consistently facing selling pressure at higher levels. From the day highest point index corrected over 175/600 points. In addition, small bearish candle on daily charts and temporary overbought conditions on intraday charts indicating strong possibility of one quick intraday correction from the current levels.

However, the medium term texture of the market is still in to the positive side. For the day traders now, 24200/79700 would be the immediate resistance zone. Below the same, the market could retest the level of 24000-23950/79100-79000. On the flip side, above 24200/79700 breakout we could expect 24275-24335/80000-801150 on the higher side.

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