Quote on Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Quote on Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the market recovered from the lower levels, however, this recovery was not encouraging, which could have soured the sentiment if there was no support from the global markets. However, if we consider the broad structure of the market then the indices are trading near the key support zones 22000/72800 and 21800/72300. If the market recovers sharply after touching the lows of 21800/72300, then we may see a strong reversal of the recent sell-off seen from the highs of 23800/82300. A close below 21800/72300 will be negative for the market as in that case the chances of touching 21500/71500 would become bright.
The strategy should be to buy selective stocks at current levels and buy more on dips with a medium-term outlook. Resistance will be at 22200/73400 and 22500/74300.
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