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

The benchmark indices continued weak momentum, the Nifty ends 79 points lower while the Sensex was down by 241 points. Among Sectors, Metal index outperformed, rallied over 1.80 percent whereas IT index lost the most shed over 2 percent. Technically, one more time market registered selling pressure at higher levels. On daily charts, it has formed bearish candle and currently is tis comfortably trading below 200 day SMA (Simple Moving Average) which is largely negative.

We are of the view that, the current market texture is weak but oversold hence; we could expect one quick pullback rally from the current levels. For the day traders now, 23350/76950 would act as a key support zone. if market succeeds to trade above the same, then it could bounce back till 23600/78000. Further upside may also continue which could push the market till 23700/78200. On the flip side, fresh selloff possible only after dismissal of 23350/76950. Below which, it could slip till 23200-23175/76500-76400

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