Quote on Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
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Below the Quote on Market Wrap by Shrikant Chouhan, Head of Equity Research, Kotak Securities
Today, the benchmark indices witnessed profit booking at higher levels, the Nifty ends 31 points lower while the Sensex was down by 168 points. Among Sectors, Reality and Pharma indices rallied over 2 percent whereas FMCG index was the top looser shed over 1.5 percent. Technically, after early morning rally the market took the resistance near 25200/82300 and due to intraday profit booking in the second half of the day it corrected sharply. From the day highest point market slipped over 285 /950 points.
We are of the view that, the current market texture is volatile hence level based trading would be the ideal strategy for the day traders. For the bulls now, 50 day SMA or 25050/81700 would be the key level to watch out. Above the same market could retest the level of 25200-25225/82000-82300. On the flip side, 24900/81200 would be the key support zone for the traders. Below the same, the selling pressure is likely to accelerate. Below the same, market could slip till 24800-24780/81000-80700.
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