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

Today, the benchmark indices witnessed profit booking at higher levels. Nifty ends 66  points lower while the Sensex was down by 280  points. Among Sectors, Media index outperformed rallied 2.5 percent whereas Bank Nifty index shed nearly 1 percent. Technically, after muted open market consistently facing selling pressure at higher levels. In addition, on Intraday charts the index  still holding lower top formation, which supports further weakness from the current levels. However, the medium term texture of the market is still in to the positive side.

We are of the view that, 20-day SMA (Simple Moving Average) or 24300/79700 would act as a trend decider level for the traders. Above 24300/79700, the market could bounce back till 24500-24600/80500-80750. On the other side, dismissal of 20 day SMA or 24300/ 79700 could accelerate the selling pressure. Below 24300/79700 market could retest the level of 24150-24100/79300-79000.

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