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 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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