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The benchmark indices witnessed profit booking at higher levels. The Nifty ended 81 points lower, while the Sensex was down by 297 points. Among sectors, almost all the major sectoral indices experienced profit booking at higher levels, with the PSU Bank index losing the most, shedding over 1 percent.

Technically, after a positive open, the market consistently faced selling pressure at higher levels. However, following a quick intraday correction, the market saw some recovery from the 25,060/81800 levels.

A bearish candle on the daily charts and a double top formation on intraday charts indicate further weakness from the current levels. We believe that, although the intraday market texture is weak, a fresh sell-off is possible only if the level of 25,050/81800 is breached. Below this, the market could slip to 24950-24,900/81500-81300. On the flip side, 25,200/82300 would act as an immediate resistance zone for the bulls. Above this, the market could continue its positive momentum up to 25,300-25,350/82500-82750.

The intraday market texture is volatile and non-directional; hence, level-based trading would be the ideal strategy for day traders.