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

The benchmark indices continued to experience profit booking at higher levels, with the Nifty ends 178 points lower, while the Sensex was down by 548  points. Among sectors, all the major sectoral indices traded in the red, but the Realty index lost the most, shedding over 3 percent.

Technically, after a muted opening, the market slipped below 23,500/77600, and following this breakdown, selling pressure intensified. Additionally, a bearish candle was formed on the daily charts, indicating further weakness from the current levels. We believe that the current market texture is weak, but a fresh sell-off is only possible if the 20-day SMA (Simple Moving Average) or 23,300/77000 is dismissed. Below this level, it could retest the range of 23,220-23,175/76700-76500. On the other hand, 23,500/77600 would be the key resistance zone for the bulls. Above this level, the pullback could extend up to 23,560/77800. 

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