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Below the Quote on Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities

Today, the benchmark indices corrected sharply, with the Nifty ends 343 points lower and the Sensex down by 1054 points. Among the sectors, all major sectoral indices traded in the red, with the Realty index losing the most, shedding over 6.5 percent.

Technically, after a weak opening, the market breached the crucial support level of 23260/77000, which is largely negative. It also formed a bearish candle on daily charts and is holding a lower top formation on intraday charts, indicating further weakness from current levels.

For day traders, 23260/77000 would act as a trend decider level; below this, weak sentiment is likely to continue. If it falls below this level, the market could slip to 22900-22800/76000-75700. On the flip side, if we move above 23260/77000, the pullback could extend to 23400-23450/77300-77500.

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