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Below the Quote on Market Wrap 05th January 2026 by Shrikant Chouhan, Kotak Securities

Today, the benchmark indices witnessed profit booking at higher levels. The Nifty ended 75 points lower, while the Sensex was down by 322 points. Among sectors, the Reality and Defence indices outperformed, rallying over 2 percent, whereas the IT index lost the most, shedding over 1.5 percent. Technically, after an early morning intraday rally due to profit booking at higher levels, the market corrected sharply. However, the short-term market outlook remains positive. Additionally, on daily and intraday charts, the market is holding a higher bottom formation that also supports a further uptrend from the current levels.

We are of the view that 26,150/85,200 and 26,100/85,000 remain key support zones. As long as the market is trading above these levels, the bullish sentiment is likely to continue. On the higher side, 26,350/85,700 and 26,400/85,850 are immediate resistance zones for the bulls. However, below 26,100/85,000, the uptrend could become vulnerable. The intraday market texture is volatile; hence, level-based trading would be the ideal strategy for day traders.

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