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Below the Quote on Market Wrap and Market Macros by Shrikant Chouhan, Head of Equity Research, Kotak Securities

Market Wrap:

Today, the benchmark indices witnessed sharp selloff, the Nifty ends 368  points lower while the Sensex was down by 1272  points. Among Sectors, Except Metal index all the major sectoral indices witnessed profit booking at higher levels but Auto index lost the most shed over 2 percent. Technically, after a weak opening entire day market consistently facing selling pressure at higher levels. A sharp intraday fall indicating further weakness from the current levels. In addition, on daily charts the index has formed bearish candle that also support temporary weakness from the current levels. We are of the view that, the current market texture is weak and volatile for the traders now, as long as it is trading below 26000/85000 the weak sentiment is likely to continue. Below the same market could slip till 25700-25600/84000-82700. On the flip side, above 25850/84400 would see a one quick pullback rally till 25900-25935/ 84600-84700.

Market Macros:

Oil prices gained traction on Monday amid growing fears of supply disruptions due to escalating geopolitical tensions in the Middle East. Concerns are rising over a potential conflict involving Iran, a key oil producer and OPEC member, which could lead to supply shortages. Meanwhile, markets are on edge ahead of Fed Chair Powell’s speech today, as traders seek insights into future monetary policy amid weakening economic data. Federal Reserve officials remain divided on the pace and extent of interest rate cuts, adding to the anticipation surrounding Powell's remarks.

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