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
Benchmark indices experienced profit booking at higher levels on Wednesday. The Nifty closed 2 points lower, while the Sensex fell by 46 points. Sector-wise, the Capital Market, PSU Bank, Media, and Defence indices saw significant corrections, each dropping over 2 percent, whereas the Realty index gained 1.21 percent.
From a technical perspective, the market is consistently facing selling pressure near the 24,450/80500 resistance zone and has also formed a double top pattern on the intraday chart, indicating potential temporary weakness from current levels.
We believe that weak sentiment will likely persist as long as the market remains below the 24,450/80500 level. On the downside, the market could re-test the 24,000/79300 levels. Further declines may occur, potentially bringing the index down to around 23,900/79000. Conversely, if the index breaks above the 24,450/80500 level, it could alter market sentiment, with potential upward movement towards 24,600-24700/81000-81300.
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