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Below the Quote on Market wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities

Today, the benchmark indices witnessed a volatile trading session. After a roller coaster activity the Nifty ended at 22302 while the Sensex closed at  73466. Among Sectors, buying were seen in Energy, Auto and Metal stocks, whereas profit booking continued in Financial and Private Banks stocks. Technically, from the lower levels market showed intraday recovery. From the day lowest level nifty/ Sensex rallied over 180  /600 points. However, the short-term texture of the market is still in to the weak side.

For the day traders now, 50 day SMA (Simple Moving Average) or 22350/73550  would act as a key level to watch out. Above the same, the pullback formation is likely to continue till 22400-22425/73700-73800. On the flip sid below 22240/73300 the selling pressure is likely to accelerate. Below which the market could slip till 22150-22100/73000-72800.

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