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

Today, the benchmark indices witnessed a volatile trading session, after a roller coaster activity the Nifty ends 197 points lower while the Sensex was down by 582 points. Among Sectors, IT and Metal indices lost the most shed over 1.5 percent  whereas some buying was seen in selective Media and Pharma stocks. Technically, market consistently facing selling pressure at higher levels. From the day highest levels Nifty/ Sensex shed over 250/800  points. A bearish candle on daily charts and double top formation on intraday charts indicates further weakness from the current levels. For the day traders intraday texture is non-directional hence level based trading would be the ideal strategy.

For Nifty/ Sensex 24100/78800 and 24250/79300 are the important levels to watch out. Above 24250/79300, the market could move up to 24350-24400/79700-80000. On the flip side, below 24100/78800 selling pressure is likely to accelerate. Below the same, it could slip till 24000-23925/78500-78250. 

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