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 Equity Research, Kotak Securities
Today, the benchmark indices corrected sharply, the Nifty plunge over 310 points while the Sensex was down by 935 points. Among Sectors, all the major sectoral indices were traded in the red but Energy, Oil and Gas indices corrected sharply, shed around 3 percent. Technically, after muted open market breached crucial support of 24150/79200 and post breakdown the selling pressure intensified. In addition, on daily charts it has formed long bearish candle, which also supports further weakness from the current levels.
We are of the view that, the current market texture is weak but oversold hence strong possibility of one intraday pullback rally is not ruled out from the current levels. For the day traders now, 23800/78500 would be the key support zone. Above the same, it could bounce back till 24050-24100/79000-79200. On the flip side, fresh selloff possible only after dismissal of 23800/78500. Below the same, the market could slip till 23700-23625/78100-77700
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