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Below the Quote on Market Morning Inputs 29th Oct by Shrikant Chouhan, Head Equity Research, Kotak Securities

Benchmark indices witnessed a volatile trading session. After a volatile session, the Nifty closed down 30 points, while the Sensex was down 151 points. Among sectors, metal and PSU bank indices outperformed, gaining over 1 percent, while the realty index fell the most, falling over 1 percent.

Technically, after the morning intraday rally, the market encountered resistance around 26,000/84,800 and underwent a sharp correction. From the day's high, the market fell over 200/700 points. However, in the final hour of trading, the decline was somewhat mitigated.

We believe that the intraday market structure is volatile and directionless; therefore, level-based trading would be an ideal strategy for day traders. On the upside, 26,000/84800 and 26,050/85000 will be key resistance areas, while 25,800/84200 could act as a crucial support zone for the bulls. A successful breakout above 26,050/85000 could propel the market towards 26,150–26,200/85300–85500, while below 25,800/84200, the market could retest 25,700–25,600/84000–83700 levels.