Quote on Market Morning Inputs 08th Aug July 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Quote on Market Morning Inputs 08th Aug July 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities
The benchmark indices experienced a volatile trading session. The Nifty closed 22 points higher, while the Sensex was up by 79 points. Among sectors, IT, Media, and Digital indices rallied over 1 percent, whereas intraday profit booking was observed in Reality and Energy indices.
Technically, after a gap-down open, the market corrected sharply. However, it eventually found support near 24,350/79800 and bounced back sharply. From the day's lowest point, the market rallied over 275 /900 points. Additionally, on intraday charts, a reversal formation has appeared, which is a positive sign.
We are of the view that 24,500-24450/80300-80000 would act as a key support zone for day traders. As long as the market stays above this level, the pullback formation is likely to continue. On the higher side, the market could move up to 24,800/81000 with a minor resistance at 24650/80700. On the flip side, a decline below 24,450/80000 could change the sentiment. Below this level, the market could retest the levels of 24,350-24,300/79800-79650.
The recommended strategy is to buy Nifty if it falls to 24550-25500 levels with an upside target of 24650-24800. Protect long position with a final stop loss at 24450. if it closes below 24450 then it would invite further weakness in the near term. Bank Nifty is expected to remain in a broader trading range to 55000 and 56000.
Above views are of the author and not of the website kindly read disclaimer
