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 lackluster activity, the Nifty ends 3 points lower while the Sensex was down by 36 points. Among Sectors, FMCG index outperformed, rallied over 1.5 percent whereas PSU Bank index lost the most, shed 1.5 percent. Technically, after a muted opening entire day the market hovered between 24240/79730 to 24340/80000 levels. Intraday non-directional activity indicating indecisiveness between the bulls and the bears. We are of the view that, the intraday market texture is non-directional, perhaps traders are waiting for either side breakout.
For the bulls now, 24360/80100 would be the key resistance level. Post 24360/80100 the index could move up 24450-24500/80400-80600. On the flip side, dismissal of 24240/79730 may accelerate selling pressure. Below which, the market could retest the level of 24160-24120/79500-79200.
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