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

Today, the benchmark indices witnessed lacklustre activity, with the Nifty ends 6 points lower while the Sensex was up by 148 points. Among sectors, some buying was seen in media and selective stocks, whereas metal and realty indices corrected sharply, trimmed over 1 percent. Technically, after a muted open, the market registered range-bound activity throughout the day. Additionally, on daily charts, it has formed a small candle, and on intraday charts, it is witnessing non-directional activity.

We are of the  view that, current market texture as non-directional, perhaps as traders are waiting for a breakout on either side. On the higher side, 22600/74800 would be the immediate breakout level for the bulls. Above this level, the market could move up to 22700-22800/75000-75350. Conversely, below 22500/74500, selling pressure is likely to accelerate. Below the same, the market could slip to 22400-22350/74200-74000. Given the non-directional texture of the current market, level-based trading would be the ideal strategy for day traders.

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