Quote on Market Wrap 02 July 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Quote on Market Wrap 02 July 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices witnessed profit booking at higher levels. The Nifty ends 88 points lower, while the Sensex was down by 288 points. Among sectors, Metal index outperformed rallied 1.44 percent, whereas the Reality index lost the most, shedding 1.40 percent. Technically, after a muted open, the market has been consistently facing selling pressure at higher levels. On daily charts, it has formed a bearish candle, and on intraday charts, it is holding a lower top formation, which is largely negative.
We are of the view that, as long as the market is trading below 25,500/83500, the weak sentiment is likely to continue. On the lower side, the market could retest the level of 25,300/83000. Further sell-offs may also continue, which could drag the market down to 25,225/82800. On the flip side, if the market rises above 25,500/83500, it could bounce back up to 25,600–25,670/83800-84000.
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