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

Today, the benchmark indices corrected sharply, the Nifty ends 261 points lower while the Sensex was down by 870 points. Among Sectors, all the major sectoral indices registered intraday profit booking at higher levels but Defense, Auto indices lost the most shed over 2 percent. Technically, after a positive open market consistently witnessing selling pressure at higher levels. On daily charts it has formed long bearish candle and on intraday charts it is holding correction continuation formation which is largely negative.

 We are of the view that, as long as market is trading below 24850/81700 the correction wave is likely to continue. On the down side market could retest the level of 24550-24500/80800-80500. On the higher side above 24850/81700 the sentiment could change. Above the same, chances of hitting 25000/82200 and 25100/82500 would turn bright. 

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