Quote on Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
Quote on Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices witnessed narrow-range activity, with the Nifty ends 49 points lower and the Sensex down by 203 points. Among sectors, the Capital Market index outperformed, rallying over 3 percent, while selective financial stocks experienced intraday profit booking at higher levels. Technically, after a gap down open, the market found support near 22800/75500 and reversed. Following this reversal, the market exhibited range-bound activity throughout the day. Additionally, on daily charts, a small candle has formed, indicating non-directional activity.
For day traders, the 22950/75800 level is crucial to watch. If the market moves above 22950/75800, it could rally to the 23050-23100/76100-76300 range. Conversely, a breach of 22800/75500 could change the sentiment, potentially leading to a retest of the 22725-22650/75200-75000 levels. Given the current market texture is non-directional, level-based trading would be the ideal strategy for day traders.
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