Quote on Market Round Up by Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Quote on Market Round Up by Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, against the backdrop of weak global sentiment, our market corrected sharply. The Nifty fell by over 3 percent, while the Sensex was down by 2200 points. Among sectors, all major sectoral indices traded in the red, with the Metal and Realty indices losing the most Metal down 6 percent and Realty down 5 percent. Technically, the market opened with a significant gap down but, following the gap down, witnessed intraday recovery from lower levels. However, the short-term texture of the market is still on the weak side. We believe that the current market environment is extremely volatile and uncertain; hence, traders may prefer to adopt a cautious stance in the near future.
In the short term, 22000/72400 would be the key level to watch. If the market manages to trade above this level, the pullback formation could continue up to 22500-22600/73800-74200. On the flip side, a dismissal of 22000/72400 may lead to further weakness. Below this level, the market could retest the 21800/71800 mark, and additional weakness may continue, potentially dragging the index down to 21650/71400.
Above views are of the author and not of the website kindly read disclaimer
