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 narrow range activity. The Nifty ends 43 points lower, while the Sensex was down by 313 points. Among sectors, the Capital Market index was the top gainer, rallying over 4 percent, whereas the Realty index shed over 2 percent. Technically, after a positive opening, the market registered intraday selling pressure at higher levels. However, the short-term texture of the market is still on the positive side. A small bearish candle formation on the daily charts and lackluster intraday activity indicate the continuation of non-directional momentum in the near future.
We are of the view that the current market texture is non-directional; hence, levels-based trading would be the ideal strategy for day traders. On the downside, 23600/78000 and 23500/77700 would be the key support zones, while 23800-23900/78700-78900 could act as crucial resistance areas for traders. However, below 23500, /77700 traders may prefer to exit their long positions
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