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 Ltd
Today the benchmark indices corrected sharply. After a sharp decline, the Nifty ends 1268 points lower while the Sensex was down by 4390 points. Among Sectors, almost all the major sectoral indices witnessed profit booking at higher level but PSU Banks and Energy indices lost the most. PSU Bank shed 14.50 percent while Energy index was down by 11.8 percent. Technically, after early morning sharp selloff the market breached the crucial support of 20 day SMA (Simple Moving Average) or 22500/74000 and post breakdown the selling pressure intensified.
In addition, on daily charts the index has formed long bearish candle and is also trading below short term and medium term averages, which is largely negative. For the traders now, 50 day SMA or 22400/73500- and 22500/74000 would be the key resistance areas while 21600-21300/71000-70200 would act as key intraday supports zones. We are of the view that the current market texture is extremely volatile and uncertain; hence, it is advisable that traders should remain cautious for next few trading sessions.
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