Quote on Market Morning Inputs 05th Aug July 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Quote on Market Morning Inputs 05th Aug July 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities
The benchmark indices witnessed a promising pullback rally. Nifty closed 157 points higher, while Sensex was up 419 points. Talking about sectors, almost all the major sectoral indices were trading in the positive zone, but metal and defense indices outperformed with gains of over 2.5 per cent.
Technically, after a sharp decline on the intraday chart, the market has formed a reversal pattern, and on the daily chart, it has formed a bullish candle, which is largely positive. We believe that in the short term, the market structure is weak but oversold; hence, a sharp technical bounce from the current levels cannot be ruled out.
For day traders, 24,550/80,600 and 24,500/80,500 will be the key support zones, while for bulls, 24,800-24,950/81,300-81,800 could be the key resistance zones. However, below 24,550/80,700, the scenario could change. Below this level, the market may fall to 24450 levels.
Bank Nifty is expected to remain in the range of 55400 and 55850.
Today, we need Nifty to cross the 24800 level for further short covering. Above 24800, create a long position with a stop loss at 24700. Resistance would be 24900 and 25000
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