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

Today, the benchmark indices extended their losses, with the Nifty shed 275 points while the Sensex was down by 809 points. Among sectors, all major sectoral indices witnessed profit booking at higher levels, but the Capital Markets and Media indices lost the most, with Capital Markets down 5.6% and Media down 4.5%.

Technically, after a gap-down opening, the market consistently faced selling pressure at higher levels and formed a bearish candle on daily charts, closing below the 23,000/76300 mark, which is largely negative. We believe that the current market texture is weak and volatile; therefore, level-based trading would be the ideal strategy for day traders. The 23,000/76300 level will be key to watch, as long as it trades below this threshold, weak sentiment is likely to continue.

On the downside, the market could slip to 22,750-22,650/75200-74800. However, if it rises above 23,000/76300, the sentiment may change. Above this level, a pullback formation is likely to continue until it reaches 23,100-23,150/76700-76900.

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