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 some correction from the lower levels, with the Nifty closing 90 points down while the Sensex was down 320 points. Among sectors, the IT index corrected sharply, shedding over 4 per cent, while the pharma index was the top gainer, gaining over 2 per cent.
Technically, after a gap down opening, the market found support near 23150/75800 and reversed. However, it failed to cross the 23350/77000 resistance zone, which is largely negative. We believe the market is currently experiencing non-directional activity. On the downside, it is consistently finding support near 23150/75800, while profit booking is taking place near the 23350/77000 zone. For short-term traders, 23350/77000 is now the key level to watch. If the index moves above this level, the bounce could continue towards 23500-23600/77500-77800. Conversely, if it drops below 23150/75800, the selling pressure could increase, potentially leading the market to retest levels around 23000-22950/75500-75300.
The strategy should be to buy select stocks between 23050/22950 levels.
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