Quote on Market Wrap 13- May Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
Below the Quote on Market Wrap 13- May Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
Today, the benchmark indices witnessed profit booking at higher levels. The Nifty ends 346 points lower, while the Sensex was down by 1281 points. Among sectors, the Defense index outperformed, rallied 4.10 percent, whereas the IT index lost the most, shed nearly 2.5 percent.
Technically, after a muted open, the market consistently faced selling pressure at higher levels. On daily charts, it has formed a bearish candle, which supports temporary weakness. However, the short term texture of the market is still in to the positive side. For traders now, 24,500/81000 and 24,450/80800 would act as key support zones. If the market succeeds in trading above these levels, it could retest the level of 24,800–24,900/81800-82000. On the flip side, below 24,450/80800, the uptrend would become vulnerable. If the market falls below this level, traders may prefer to exit their long positions.
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