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

Today, the benchmark indices witnessed rollercoaster activity, with the Nifty ends 166 points higher and the Sensex up by 499 points. Among sectors, the Realty index outperformed, rallied by 1.50 percent, while selective Auto stocks experienced intraday profit booking at higher levels.

Technically, after a gap-up opening, the market exhibited range-bound activity throughout the day. It also formed an inside body candle on the daily charts, which indicates indecisiveness between the bulls and bears. We believe that non-directional activity is likely to continue in the near future; hence, level-based trading would be the ideal strategy for day traders.

For traders now, 23650/78300 and 23550/78000 will act as key support zones, while the 200-day SMA or 23850/78800 and 24000/79300 could serve as key resistance areas for the bulls.

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