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

Today, the benchmark indices witnessed a volatile trading session, the nifty ends 1  point  higher while the Sensex was up by  23  points. Among Sectors, PSU Bank index outperformed, rallied 2.35 percent whereas intraday profit booking were seen in selective FMCG and IT stocks. Technically, market opened  with a positive note but due to profit booking at higher levels it failed to 24950/81750 levels. From the day highest level, market shed over 200 /750 points. However, the short-term market texture is still in to the long side. We are of the view that, the intraday market texture is non-directional hence buying on intraday correction and sell on rallies would be the ideal strategy for the day traders. For traders now, 24700-24650/81000-80800 would be the key support areas while 24950 -25000/81750-82000  would act as a crucial resistance areas for the bulls. On the flip side, below 24650/80800 uptrend would be vulnerable.

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