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 witnessed range bound movement on Thursday, with the Nifty closing 82 points down, while the Sensex was down 315 points. Among sectors, the pharma index outperformed, gaining over 1 per cent, while profit booking was witnessed in realty and FMCG stocks, with both indices falling over 1 per cent. Technically, after a muted opening, the market witnessed range-bound movement.
On the daily chart, an Inside Body candle formation is formed, indicating indecisiveness between the bulls and the bears. We believe the short-term market structure is bullish, but a fresh uptrend is possible only after the dismissal of the 24400/80300 resistance zone. Above this level, the market could rise towards 24500-24600/80600-80900. On the other hand, if the market drops below 24200/79600, we may see a quick intraday correction to 24100/79300. The decline may continue further, which may drag the market to 24000/79000.
The current market pattern is non-directional; hence, level-based trading would be the ideal strategy for day traders. The bank Nifty is expected to stay within a broader trading range of 54500 and 56000
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