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

Today, the benchmark indices continued to exhibit narrow range-bound activity, with the Nifty ends 26  points lower and the Sensex down by 67  points. Among sectors, selective auto stocks saw buying interest at lower levels, while the metal and PSU bank indices experienced intraday profit booking at higher levels.

Technically, after a muted opening, the market witnessed range-bound activity throughout the day, it also formed a small inside body candle on the daily charts. We believe that the current market texture is non-directional, as traders seem to be waiting for a breakout in either direction.

On the upside, 23850/78800 would be the immediate breakout level for the bulls. If surpassed, the market could rally up to 23950-24000/79100-79300. Conversely, selling pressure is likely to accelerate below 23600/78200, with the market potentially slipping to 23500-23475/78000-77800.

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