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, on the backdrop of weak global sentiment benchmark indices witnessed profit booking at higher levels, the Nifty ends 81 points lower while the Sensex was down by 203 points. Among Sectors, selective Pharma, Healthcare and Reality stocks witnessed buying interest whereas PSU Banks and IT indices lost the most, PSU Banks shed 1.6 and IT was down nearly 1 percent.
Technically, post gap down opening market registered a pullback rally. From the day, lowest point market recover over 130/550 points. For the day traders now, 25100/82000 would be the important support zone. As long as it is trading above the same, the pullback formation is likely to continue. On the higher side, immediate resistance would be 25300-25350/82500-82800. However, dismissal of 25100/82000 could accelerate the selling pressure. Below 25100/82000, the market could retest the level of 25000-24470/81700-81550.
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