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Below the Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd

The benchmark indices continued range bound activity; the Nifty ends 51 points higher while the Sensex was up by 141 points. Among Sectors, Reality index outperformed rallied over 2 percent whereas Pharma and Auto indices witnessed intraday profit booking at higher levels. Technically, after a muted opening entire day the market hovered between 23450 to 23620/77100-77600 levels. From last couple of days market witnessing narrow range activity which indicates indecisiveness between the bulls and the bears.

We are of the view that, the current market texture is non-directional perhaps traders are waiting for either side breakout. On the higher side, 23650/77700 would be the immediate breakout level while below 23450/77100 the selling pressure is likely to accelerate. Above 23650/77700, the market could move up till 23750-23800/78000-78200. However, below 23450/77100 the market is likely to retest level of 23320-23300/76800-76700.

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