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 profit booking at higher levels, the Nifty ends 108 points lower while the Sensex was down by 422 points. Among Sectors, Auto index lost the most shed over 2 percent whereas despite weak market sentiment buying interest were seen in selective FMCG and Pharma stocks. Technically, after early morning sharp selloff eventually it took the support near 24150/79400 and witnessed some recovery. On daily charts, the index has formed a bearish candle, which indicates weak sentiment is likely to continue in the near future.
We are of the view that, today’s day low or 24150/79400 would act as a key support zone for the day traders. If the index succeeds to trade above the same, then it could retest the level of 24450/80500. Further upside may also continue which could lift the index till 24500-24550/80700-80900. On the flip side, below 24150/79400 selling pressure is likely to accelerate. Below which the market could slip till 24050-24000/79100-78800.
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