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 modest recovery from lower levels, with the Nifty ends 38 points higher and the Sensex up by 13 points. Among sectors, the Realty index outperformed, rallying by 3.75 percent, while the Private Banks and Capital Market indices shed over 1 percent.
Technically, in the backdrop of weak global sentiment, our market opened with a gap down; however, due to buying interest at lower levels, it recovered sharply. We believe that as long as the market is trading above 22,300/73700, the short-term outlook remains bullish. On the higher side, it could retest the levels of 22,600-22,650/74500-74700. Conversely, if it falls below 22,300/73700, the sentiment could change. Below this level, traders may prefer to exit their long positions.
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