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Below the Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd

Today, the benchmark indices witnessed lackluster activity, the Nifty ends 93 points higher while the Sensex was up by 249 points. Among Sectors, Media, Metal and Pharma indices tallied over 1 percent whereas some profit booking were seen in PSU Banks and Reality stocks.

Technically, in this week so far market witnessed range bound activity. On the lower side, it is consistently taking support between 24800-24850 / 81100-81400 on the flip side, witnessed profit booking between 24950-24980 / 81750-81800.

We are of the view that the current market texture is non-directional perhaps traders are waiting for either side breakout. On the higher side, above 24980/81800 the market could rally till 25050-25125 / 82200-82500. However, below 24800/81100 the sentiment could change. Below the same, market could retest the level of 24700-24675 / 80800-80500.

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