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 registered a volatile trading session. After a roller coaster of activity, the Nifty ends 128 points higher, while the Sensex was up by 535 points. Among sectors, the Realty index was the top gainer, rallied over 2 percent, whereas the Capital Market and Pharma indices lost the most, shedding over 2 percent.
Technically, after a promising opening, the market bounced back sharply; however, it once again witnessed profit booking at higher levels. On daily charts, it has formed a long-legged Doji candlestick formation, which suggests indecisiveness between the bulls and the bears.
We believe that 23,000/76000 will act as a trend decider level for the bulls. Above 23,000/76000, the market could retest levels of 23,100/76300 to 23,150/76500. Conversely, below 22,900/75700, selling pressure is likely to accelerate, and the market could slip to levels of 22,800/75400 to 22,775/75200.
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