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 a volatile trading session, with the Nifty ends 27 points lower while the Sensex was down by 73 points. Among sectors, the IT index was the top loser, shed nearly 3 percent, whereas selective private banks and auto stocks registered buying interest at lower levels. Technically, after a positive opening, the market corrected sharply. However, it took support near 22,300/73500 once again and reversed.
We believe that the current market texture is volatile and non-directional; hence, level-based trading would be the ideal strategy for day traders. For traders now, 22,300/73500 would act as a sacrosanct support zone. Above this level, the market could move up to 22,600-22,650/74500-74700. On the flip side, a drop below 22,300/73700 would make the uptrend vulnerable.
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