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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  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.