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 profit booking at higher levels, with the Nifty ends 182 points lower, while the Sensex was down by 729 points. Among sectors, almost all the major sectoral indices registered intraday selling pressure at higher levels but Media Index lost the most, shed 2.40 percent. Technically, after a muted open, the market consistently faced selling pressure at higher levels. From the day's highest points, the market corrected over 285/950 points. Additionally, it has formed a bearish candle on the daily charts, which supports further weakness from the current levels.
We are of the view that, as long as the market is trading below 23,600/77500, weak sentiment is likely to continue. On the downside, it could retest the levels of 23,400-23,330/77000-76800. On the other hand, if it moves above 23,600/77500, the sentiment could change, and the market could bounce back up to 23,700-23760/77800-78000. Contra traders can take a long position near 23,330/76800 with a strict stop loss at 23,300/76650
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