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
Benchmark indices witnessed a volatile trading session. After a volatile trade, Nifty closed 175 points lower while Sensex was down 625 points. Among sectors, the defence index outperformed and gained over 1 per cent, while select auto, banking and IT stocks witnessed intraday profit booking.
After the initial decline, the market bounced back sharply, but again we saw a hefty profit booking at higher levels. Currently, the market is witnessing non-directional activity; perhaps traders are waiting for a breakout from either side. Technically, 24,700/81100 would be the key support zone for traders, while 25,000-25150/82200-82700 would act as a crucial resistance zone for the bulls. As long as the market trades within this range, a range-bound pattern is likely to persist. On the upside, a successful breach of 25,150/82700 could take the market to 25,300–25,500/83200-83800. On the downside, a fall below 24,700/81100 could lead to a retest of 24,600 or 24,450/80900-80500 levels.
Today, keep a close eye on 24600 levels (20-day SMA) as a bullish reversal from here could lead to a retest of 24950-25000 levels. A close below 24600 would be negative. India VIX is still at 19 levels, which will keep the market volatile. For Bank Nifty, expect a range bound activity between 56100 and 55000.
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