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 profit booking at higher levels, with the Nifty ends 92 points lower while the Sensex was down by 217 points. Among sectors, the Capital Market index lost the most, shedding over 3.5 percent, whereas some buying was seen in selective FMCG stocks.
Technically, after an early morning intraday rally, the market consistently faced selling pressure at higher levels. From the day's highest points, the Nifty and Sensex trimmed over 235/700 points. A bearish candle on the daily charts indicates further weakness from the current levels. However, the short-term market texture is still on the positive side.
For day traders, 22500/74300 would be the key level to watch. As long as the market is trading below this level, the weak sentiment is likely to continue. On the downside, it could retest the levels of 22350-22300/74000-73700. Conversely, if it moves above 22500/74300, the sentiment could change, and the market could rally to 22650-22700/74500-74700.
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