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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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