Quote on Market Morning inputs by Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Quote on Market Morning inputs by Shrikant Chouhan, Head Equity Research, Kotak Securities
On Tuesday, the benchmark indices experienced a range-bound trading session. The Nifty ended unchanged, while the Sensex rose by 70 points. Among the sectors, the Defence index outperformed, rallying by 5 per cent, while select pharmaceutical stocks saw intraday profit booking, leading to a 1 percent decline in the Pharma index.
From a technical perspective, the market continues to face resistance near the 24,450/80500 resistance zone. A small bearish candle forming near this important resistance level indicates indecisiveness between the bulls and bears. We believe that if the market breaks above the 24,450/80500 level, it could rally towards 24,600-24700/81000-81300. Conversely, if the market falls below 24200/79900, selling pressure is likely to increase. Below this level, we may see a quick correction down to 24100/79500.
Since the market closed between 24450 and 24300, our strategy should be to exit the long position if Nifty fails to sustain above 24300 levels in the first hour of trading. Bank-Nifty is expected to remain in a broad trading range of 56000 and 55000. Avoid fresh buying till the index breaks 56100 levels and expect weakness towards 54500 or 54000 levels till it sustains below 55500 levels.
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