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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 a sharp selloff, the Nifty ends 345  points lower while the Sensex was down by  1062  points. Among Sectors, almost all the major sectoral indices witnessed profit booking at higher levels but Energy and Metal indices lost the most shedding nearly 3 percent. Technically, after a muted opening market breached 22200/73200 support level and post breakdown the selling pressure intensified.

On daily charts, the index has formed long bearish candle, which supports further weakness from the current levels. We are of the view that, the short-term market texture is weak but due to temporary oversold conditions, we could see a one technical pullback rally from the current levels. For the traders now, 22000/72550 would act as key level to watch out. Above 22000/72550, the market could bounce back till 22100-22150/72300-72500. On the flip side, below 22000/72550 the weak sentiment is likely to continue. Below which the market could slip till 21850-21800/72100-72000.

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