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
On the Monthly F&O expiry day the market witnessed a volatile trading session, after a roller coaster activity the Nifty ends 100 points higher while the Sensex was up by 349 points.
Among Sectors, Oil and Gas index gained 0.80 percent whereas intraday profit booking were seen selective Metal and Pharma stocks. Technically, on daily charts, the index has formed small bullish candle and on intraday charts it is holding higher high and higher low formation, which is largely positive.
We are of the view that, the larger market texture is positive but due to temporary overbought conditions we could see range bound activity in the near future. For the traders now, 25000/81650 would be the crucial support zone. Above the same, the market could move up till 25225-25300/82500-82700. On the flip side below 25000/81650 the sentiment could change. Below the same, we could see one quick intraday correction till 24900-24850/81200-81000.
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