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

Today, the benchmark indices witnessed volatile trading session, the nifty ends 21 points lower while the Sensex was down by 57  points. Among Sectors, Reality index outperformed rallied over 1.35 percent whereas Media index shed nearly  2  percent. Technically, after early morning intraday selloff the market took the support near 24200/79200 and bounce back sharply. However, it failed to close above 24400/79850 resistance zone.

We are of the view that, the current intraday market texture is non-directional hence level based trading would be the ideal strategy for the day traders. For the bulls, 24400/79850 would be immediate breakout zone. Above the same, market could move up to 24500-24550/80100-80400. On the flip side, below 24300/79500 the sentiment could change. Below the same market could retest the level of 24200-24170/79200-79000.

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