Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
Below the Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
Today, the benchmark indices witnessed volatile trading session. After a roller coaster activity, the Nifty ends 42 points lower while the Sensex was up by 36 points. Among Sectors, Bank Nifty index outperformed, rallied over 2 percent whereas Reality index corrected sharply, shed over 2.75 percent. Technically, after a gap up opening index consistently facing selling pressure at higher levels. On daily charts, it has formed a bearish candle, which indicates temporary weakness from the current levels. However, the short-term texture of the market is still in to the positive side. We are of the view that, 23450/77100 would be the crucial support zone for the day traders; below the same, we could see one quick intraday correction till 23350-23300/76800-76600 . On the flip side, 23660/77850 could be the immediate breakout levels for the bulls. Above 23660/77850, the market is likely to move up to 23775-23800/78000-78200. The intraday market texture is non-directional hence level based trading would be the ideal strategy for the day traders.
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