Powered by: Motilal Oswal
2025-01-07 04:16:31 pm | Source: Kotak Securities Ltd
Quote on Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
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 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.

 

Above views are of the author and not of the website kindly read disclaimer

Disclaimer: The content of this article is for informational purposes only and should not be considered financial or investment advice. Investments in financial markets are subject to market risks, and past performance is not indicative of future results. Readers are strongly advised to consult a licensed financial expert or advisor for tailored advice before making any investment decisions. The data and information presented in this article may not be accurate, comprehensive, or up-to-date. Readers should not rely solely on the content of this article for any current or future financial references. To Read Complete Disclaimer Click Here