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 profit booking at higher levels. The Nifty finished 346 points lower, while the Sensex declined by 1,281 points. Among the sectors, the Defence Index outperformed, rallying by 4.10 percent, whereas the IT Index suffered the most, losing nearly 2.5 percent.
From a technical perspective, the market opened quietly but faced consistent selling pressure at higher levels throughout the day. The daily charts have formed a bearish candle, indicating potential temporary weakness. However, the short-term outlook for the market remains positive.
For traders, the levels of 24,500 and 24,450 are key support zones. If the market can trade above these levels, it may retest the range of 24,700 to 24,800. Conversely, if it falls below 24,400, the uptrend will become vulnerable. In that case, traders may consider exiting their long positions.
On Tuesday, Nifty failed to sustain and close above 24700, which has increased selling pressure in the second half. For the day, the strategy should be to buy between 24450 and 24500 with a stop loss at 24400 on a closing basis, while selling is advisable between 24800 and 24900 levels, for that keep a stop loss at 25000.
For the Bank-Nifty, we may see some buying interest between 54700 and 54500. A close above 54500 would be negative.
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