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

“The benchmark indices traded mixed in the broad trading range of 24500/80900 and 24800/81700. Nifty closed 88 points higher while Sensex was up 182 points. Among sectors, defence and metal indices outperformed, while the IT index gained in the second half.

The market corrected sharply on Tuesday, however, today we saw a relief rally, which took the market to close slightly above the previous levels. We are expecting the market to consolidate in the broad trading range of 24400-80600 and 25000-82300 for the next few days, and our strategy should be to buy on dips and sell on ups until the market closes above 25000-82300 or below 24400-80600. In such type of markets we need to be more stock specific until the range is crossed. Bank Nifty has support at 54400; if it breaks, we may see a fresh round of profit booking.”

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