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 a narrow range activity, with the Nifty ends 14 points lower and the Sensex down by 29 points. Among sectors, the IT index gained nearly 1 percent, while the defence index was the top loser, shedding over 3 percent.
Technically, after an early morning intraday correction, the market took support near 22,800/75,500 and recovered. However, the short-term texture of the market remains on the weak side. We are of the view that the current market texture is non-directional, but 22,800/75,500 will be the sacrosanct support zone for day traders. Above this zone, a pullback move could continue up to 23,100-23,200/76,000-76,300. On the other side, below 22,800/75,500, the sentiment could change. Below this zone, it could retest the level of 22,725-22,650/75,200-75,000.
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