Quote on Market Morning Inputs by Shrikant Chouhan, Head Equity Research, Kotak Securities
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Below the Quote on Market Morning Inputs by Shrikant Chouhan, Head Equity Research, Kotak Securities
The benchmark indices experienced a volatile trading session on Wednesday. Following this volatility, the Nifty closed 42 points lower, while the Sensex increased by 36 points. Among sectors, the Bank Nifty index performed well, gaining over 2%, while the Realty index showed a sharp decline, losing over 2.75%.
From a technical standpoint, the index is facing profit-taking pressure at consistently higher levels. On the daily chart, a bearish candle has formed, indicating temporary weakness at the current levels. However, the short-term market structure remains positive. We believe that the 23500/77200 level could be crucial support for day traders; a drop below 23500 may lead to a quick intraday correction to 23400-23350/77000-76800. In the worst-case scenario, it may drop to the 20-day SMA, which is around 23150/76200.
Conversely, 23680/77850 could represent immediate breakout levels for the bullish trend. If the market surpasses 23680/77850, it is likely to move towards 23750-23850/78000-78300. For the time being, it's best to focus on individual stocks.
Bank-Nifty has reached extreme levels on the day of the weekly expiry. We may witness range-bound activity within the 51200 and 51700 range. A drop below 51200 may lead to further declines to 51000 or 50750. Bullish momentum will continue if it surpasses 52000.
Above views are of the author and not of the website kindly read disclaimer
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