Quote on Market Wrap 29th September 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Quote on Market Wrap 29th September 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices witnessed a volatile trading session. After a roller-coaster activity, the Nifty ended 20 points lower, while the Sensex was down by 62 points. Among sectors, the PSU Bank Index was the top gainer, rallying over 1.89 percent, whereas the Defence index was the top looser, shed 1.20 percent. Technically, after a positive open, the market took resistance near 24,800/80800 and, due to profit booking at higher levels, it corrected sharply. From the day's highest point, it shed nearly 200 /600 points. In addition, on daily charts, it has formed a bearish candle, and on intraday charts, it continues to show a lower top formation, which is largely negative.
We are of the view that the short-term market outlook is weak, but since it is oversold, a strong possibility of a quick pullback rally cannot be ruled out. For day traders, 24,800/80800 would act as an immediate resistance zone. If the market successfully clears this zone, it could bounce back up to 24,900-24925/81000-81300. On the other side, below 24,600/80300, the selling pressure is likely to accelerate. Below this level, it could retest the levels of 24,500–24,450/80000-79800.
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