Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities
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Below the Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices witnessed lackluster activity, the nifty ends 4 points higher while the Sensex was up by 150 points. Among Sectors, Digital and IT indices outperformed rallied over 1.5 percent whereas Metal index shed over 1 percent.
Technically, after a muted opening entire day market witnessed narrow range activity. The intraday non-directional activity indicates indecisiveness between the bulls and the bears.
We are of the view that, the intraday market texture is non-directional perhaps traders are waiting for either side breakout. For the day traders, 24215/79300 would be the key level. Above the same, we could expect one quick pullback rally up to 24250-24300/79500-79750. On the flip side, below 50 day SMA (Simple Moving Average) or 24050/78900 the selling pressure intensified. Below which, market could slip till 23900/78500. Further down side may also continue which could drag the index till 23840/78300.
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