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, the benchmark indices witnessed range-bound activity; the Nifty ends 90 points higher while the Sensex was up by 157 points. Among sectors, the Metal and PSU Bank indices bounced back sharply, rallying over 3 percent, whereas the IT index lost the most, shedding nearly 2 percent.
Technically, after a gap-up open, the market hovered throughout the day between 23130/76300 and 23260/76800. It also formed a small inside candlestick formation on the daily charts, indicating indecisiveness between the bulls and the bears. We believe that the intraday market texture is non-directional, and traders are possibly waiting for a breakout on either side.
For day traders, 23260/76800 would act as a key level to watch. If the market moves above that, it could bounce back to 23400-23425/77500-77600. On the other hand, if it falls below 23130/76300, selling pressure is likely to accelerate. Below that level, the market could slip to 23000-22950/75900-75800.
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