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

Today, the benchmark indices witnessed some profit booking at higher levels. The Nifty ends 10 points higher, while the Sensex was up by 33 points. Among sectors, the IT index was the top gainer, gained nearly 1 percent, whereas profit booking was observed in the Defence and PSU Bank indices, both of which shed nearly 2 percent. Technically, after an early morning intraday rally, the market witnessed profit booking at higher levels. On the daily charts, a shooting star kind of formation has formed, indicating potential weakness from the current levels.

We are of the view that after a promising uptrend rally, the market is currently experiencing some profit booking at higher levels. However, the short-term texture of the market remains positive. For day traders, 23,600/77700 would be the key support zone. Above this level, the market could retest the range of 23,850/78300 to 23,900/78500. On the flip side, a dismissal of 23,600/77700 could alter market sentiment. Below this level, the market could slip to 23,500 to 23,450/77300-77200.

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