Market Wrap Up : For the day traders now, buying on dips and sell on rallies would be the ideal strategy says 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 44 points lower while the Sensex was down by 220 points. Among Sectors, buying were seen in selective Pharma and Metal stocks whereas Reality index lost the most shed over 1 percent. Technically, after muted opening entire day market hovered between 22860-22998/75100-75580.
We are of the view that the current market texture is non directional. On the down side 22800 -22750/74900-74700 would be the key support zones while 23000-23100/75500-75700 could be the crucial resistance areas for the day traders. For the day traders now, buying on dips and sell on rallies would be the ideal strategy. However, below 22750/74700 the sentiment could change. Below the same, traders may prefer to exit out from the trading long positions.
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