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 the backdrop of weak global sentiment, our market corrected sharply. The Nifty ends 204 points lower, while the Sensex was down by 645 points. Among sectors, Capital Market and FMCG indices corrected the most, shedding nearly 1.5 percent, whereas despite the weak sentiment, the Defense index outperformed, rallied 2.10 percent. Technically, the Nifty and Sensex have formed bearish candles on daily charts and are holding a lower top formation on intraday charts, which is largely negative.
We believe that the intraday market texture is on the weaker side, but a fresh selloff is possible only after the dismissal of the 24,450/80450 level or below 20-day SMA (Simple Moving Average). On the higher side, 24,650–24,750/81100-81300 would be the key resistance zones for short term traders. Above this, a pullback rally could extend up to 24,850-24900/81500-81800. On the downside, if the market falls below 24,450/80450, it could retest levels of 24,380-24165/80000 - 79500.
The Bank Nifty is stuck in the range of 55700 and 54300. Below 54300, it would fall to 53700 with a minor support at 54000. Around 55700, our advice is to reduce long positions
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Quote on Market Morning Inputs by Shrikant Chouhan, Head Equity Research, Kotak Securities
