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Below the Quote on Market Morning Inputs by Shrikant Chouhan, Head Equity Research, Kotak Securities

The benchmark indices experienced a significant decline, with the Nifty closing down by 354 points and the Sensex falling by 1,390 points. Among the sectors, the real estate index recorded the largest loss, dropping over 3 percent. However, despite the weak market sentiment, the media index posted a gain of 2 percent.

From a technical perspective, the market opened weakly but bounced sharply. Nevertheless, persistent selling pressure at higher levels led to another sharp decline. A long bearish candle on the daily chart, along with ongoing corrections on the intraday chart, indicates the potential for further weakness from the current levels. For day traders, the key support zone is at 23,100/75800. If the market can maintain trading above this level, we can anticipate a pullback rally toward 23,300-23,350/76500-76650. Conversely, if the market falls below 23,100/75800, it may lead to increased selling pressure. A breach of this level could result in the Nifty retesting the 50-day Simple Moving Average (SMA) around 23,000-22,950. 75500-75300 for the Sensex.

Given the current market volatility, level-based trading is the recommended strategy for day traders.

Bank Nifty is holding the crucial support level of 50700, below which it can fall towards 50300-50400 levels. Closing below 50300 will be negative. Selling pressure is expected towards 51050/51100 levels.

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