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

Today, the benchmark indices witnessed selling pressure at higher levels, the Nifty ends 208 points lower while the Sensex was down by 686 points. Among Sectors, almost all the major sectoral indices witnessed selling pressure but financial services index lost the most shed nearly 2 percent.

Technically, a reversal formation and bearish candle on daily charts indicating further weakness from the current levels. We are of the view that, the intraday texture of the market is weak but 50 day SMA (Simple Moving Average) or 24000/78800 would be the trend decider level for the day traders. Above 24000/78800, we could see one pullback rally till 24250-24300 / 79500-79700. On the flip side, below 24000/78800 selling pressure is likely to accelerate. Below the same, the market could slip up to 23850-23775 / 78500-78100.        

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