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 profit booking at higher levels, with the Nifty ends 137 points lower, while the Sensex was down by 380 points. Among sectors, the PSU Bank and IT indices shed over 2 percent, whereas, despite weak market sentiment, the FMCG index outperformed, rallied 1.72 percent.
Technically, after a gap down open, the market hovered throughout the day between the 22360/73700 to 22450/74000 price range. Additionally, on daily charts, it formed a small inside body candle, which indicates indecisiveness between the bulls and the bears. We believe that the current market texture is non-directional; traders may be waiting for a breakout in either direction.
For day traders, 22350/73650 would act as a key support zone, while 22500/74200 could be the key breakout level for the bulls. If the market falls below 22350/73650, it could retest levels of 22250-22200/73300-73000, while a dismissal of 22500/74200 could push the market towards 22650-22700/74500-74700.
Above views are of the author and not of the website kindly read disclaimer
