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, with the Nifty closing 137 points lower and the Sensex down 380 points. Among sectors, the PSU Bank and IT indices fell by over 2 percent. Despite the weak market sentiment, the FMCG index outperformed, rising by 1.72 percent.
Technically, after a gap, the market traded within the range of 22360/73700 to 22450/74000 throughout the day. Additionally, the daily chart shows a small inside body candle, indicating indecision between bulls and bears. Based on global market trends, our markets may open above 22800. However, if this does not happen, we might see a gradual weakness towards 22500. If we do open above 22800, the next level of resistance will be between 23000 and 23300.
Our strategy should be to reduce long positions between the 23200 and 23300 levels.
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