Market Wrap Up : Technically, after a gap up opening the benchmark indices witnessed profit booking at higher levels Says Shrikant Chouhan, Head Equity Research, Kotak Securities
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Below the Quote on Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices witnessed lackluster activity - the Nifty ends 33 points lower while the Sensex was up by 17 points. Among Sectors, PSU Bank index lost the most, shed 3.7 percent whereas Reality index outperformed gained over 2.5 percent. Technically, after a gap up opening the benchmark indices witnessed profit booking at higher levels.
On daily charts, the index has formed bearish candle and on intraday charts, it is holding lower top formation, which is largely negative. We are of the view that the short-term market texture is still in to the weak side and for the traders now, 22600/74400 would act as a trend decider level. As long as market is trading below the same, the chances of hitting 22300-22250/73500-73350 would turn bright. On the flip side, above 22600/74400 the sentiment could change. Above 22600/74400, the market could bounce back till 22700-22735/74700-74800.
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