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
The benchmark indices experienced profit booking at higher levels, with the Nifty closing 174 points lower, while the Sensex dropped by 636 points.
Among the sectors, the Private Bank index was the biggest loser, declining by 1.25%. Despite the weak market sentiment, the Real Estate and Defense indices outperformed, each rallying by over 1%.
Technically, after a positive opening, the market fell below the 20-day Simple Moving Average (SMA) of 24,700, leading to intensified selling pressure. Daily charts show that a long bearish candle has formed, and intraday charts indicate a lower top formation, which is negative.
We believe that the intraday market trend is weak, but a fresh sell-off may only occur if the index breaches the level of 24,450. If this level is broken, the index could decline to between 24,350 and 24,300.
On the upside, if the index rises above 24,650, a quick pullback rally toward the 20-day SMA of 24,700 could happen. Further upside potential may also exist, possibly lifting the market up to 24,800.
Above views are of the author and not of the website kindly read disclaimer










Tag News

Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd



More News

Quote on Pre-Market Comment by Hardik Matalia, Research Analyst, Choice Broking Ltd


