Quote on Market Morning Inputs 01st Aug July 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Quote on Market Morning Inputs 01st Aug July 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities
The benchmark indices witnessed range-bound movement. Nifty closed 34 points higher, while Sensex gained 144 points. Sectorally, capital goods stocks witnessed selective buying, while realty and media indices continued to witness profit booking at higher levels. Technically, after a muted opening, the market hovered between the price band of 24,770/81,200 and 24,900/81,600. A small candle on the daily chart and range-bound movement on the intraday chart indicate indecision between the bulls and bears.
We believe that as long as the market continues to trade above 24,750/81,200, the pullback is likely to continue. On the upside, the market could move towards 24900/81,700, and a further rally could take the indices towards 25,000/82,000. On the downside, if the market drops below 24,750/81,200, we may see a fresh round of selling. Below this level, the market may retest the levels of 24600/80,700. The break of 24600 would invite further weakness.
For Bank Nifty is finding difficulties to sustain above 56100 levels. It would remain weak and may fall to 55500 levels if it breaks 55700 levels.
If it breaks the 24600 levels, the strategy should be adopted cautiously. If the market sustains above 24600 despite the negative news, we may see a quick reversal to 24900/25000 levels. If it breaks below 24600, the index may even retest the 24500 or 24250 levels
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