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

Today, the benchmark indices witnessed intraday profit booking at higher levels, with Today, the Nifty ends 93 points lower and the Sensex down by 213 points. Among sectors, selective Pharma stocks registered buying interest at lower levels, while the Real Estate and Capital Market  indices  shed over  2 percent. Technically, after a muted open, the market faced consistent selling pressure at higher levels. On the daily charts, it has formed a bearish candle near the 50-day SMA (Simple Moving Average), which supports further weakness from the current levels. However, the short-term texture of the market is still on the positive side.

We are of the view that if the market manages to trade above 23,500/77800, it could bounce back to 23,750-23,800/78500-78600. On the flip side, trading below 23,500/77800 would make the uptrend vulnerable. Below this level, traders may prefer to exit from their long positions.

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