Quote on Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
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Below the Quote on Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices witnessed range-bound activity, with the Nifty ends 92 points higher while the Sensex was up by 234 points. Among sectors, buying was seen in Oil and Gas, Energy, and Metal stocks, whereas intraday profit booking occurred in selective IT and Digital stocks. Technically, after a gap-up open, the market hovered throughout the day between the ranges of 23635 to 23795/78000-78450. This intraday non-directional activity and the small inside candle on daily charts indicate indecisiveness between the bulls and the bears.
For day traders, 23800/78500 would be the key resistance zone. If the index manages to trade above this level, it could bounce back to 23900-23950/78800-79000. On the other hand, if it falls below 23600/77900, selling pressure is likely to accelerate. Below this level, the market could slip to 23500-23425/77500-77400 The current market texture is non-directional; therefore, level-based trading would be the ideal strategy for day traders.
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