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 continued weak momentum, the Nifty shed 218 points while the Sensex was down by 640 point. Among Sectors, Except IT all the major sectoral indices registered selling pressure at higher levels but Media index lost the most shed over 3.70 percent. Technically, after a long time market slipped below 50 day SMA (Simple Moving Average). It also formed bearish candle on daily charts and holding lower top formation on intraday charts, which is largely negative. We are of the view that, the larger market texture is weak but due to temporary oversold conditions, we could see non-directional activity in the near future. For the day traders now, 24700/80700 and 24650/80500 would be the key support zone while 25000/81800 and 50 day SMA or 25050/82000 could be the key resistance areas for the bulls. Short-term traders should remain cautious and be very selective as there is a risk to get trapped at lower levels.
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