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 a narrow range activity, the Nifty ends 14 points lower while the Sensex was down by 33 points. Among Sectors, Media and Digital indices outperformed rallied over 1 percent whereas Energy index registered intraday selling pressure at higher levels. Technically, after a yesterday sharp selloff today market witnessed range bound activity. A small candle formation on daily charts indicates indecisiveness between the bulls and the bears. We are of the view that, 25910/84650 would be the trend decider level for the bulls. As the long as market is trading below the same, the weak sentiment is likely to continue. On the down side, the market could retest the level of 25680-25650/84000-83700. On the flip side, above 25910/84650 the market could bounce back up to 25975-26000/84900-85000. The current market texture is non-directional hence level based trading would be the ideal strategy for the day traders
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