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
The benchmark indices continued to exhibit a range-bound trend, with the Nifty closing down by 2.5 points, while the Sensex was up by 10 points. Among sectors, selective metal and financial stocks experienced intraday buying interest, whereas the capital market and media indices corrected sharply, shedding over 3 percent. Technically, after a muted opening, the market hovered throughout the day within the range of 22500/74500 to 22600/74800. Additionally, the non-directional intraday activity and the small bearish candle on the daily charts indicate further consolidation.
We believe that 22600/74800 will serve as a key resistance zone for short-term traders; above this level, a pullback could continue up to 22700-22800/75000-75300. Conversely, a fresh sell-off is likely only after a breach of 22500/74500; below this level, the market could slide down to 22400-22350/74200-74000.
Above views are of the author and not of the website kindly read disclaimer
