Quote on Market Wrap 17th June 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Quote on Market Wrap 17th June 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities
The benchmark indices witnessed profit booking at higher levels. The Nifty ends 93 points lower, while the Sensex was down by 213 points. Among sectors, the IT index was the top gainer, gaining 0.64 percent, whereas the Pharma and Healthcare indices shed nearly 2 percent. Technically, a reversal formation on intraday charts and a bearish candle on daily charts indicate temporary weakness. We believe that as long as the market is trading below 24,900/81800, the weak sentiment is likely to continue. On the downside, 24,775/81200 would be the immediate support zones for traders. Below this, the market could slip to 24,675-24,625/80900-80700. On the flip side, above 24,900/81800, the sentiment could change. If it moves above this level, it could rally up to 25,000-25,100/82100-82500.
ld act as crucial resistance levels for the bulls. For day traders, buying on intraday dips and selling on rallies would be the ideal strategy. However, below 24,775/81200, sentiment could turn negative. If the market drops below this level, traders may prefer to exit their long positions.
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