Quote on Market Wrap by Shrikant Chouhan, Head of Equity Research, Kotak Securities
Below the Quote on Market Wrap by Shrikant Chouhan, Head of Equity Research, Kotak Securities
Today, the benchmark indices witnessed a volatile trading session. After a roller-coaster activity, the Nifty ends 37 points higher, while the Sensex was up by 123 points. Among sectors, the Oil & Gas and IT indices gained over 1 percent, whereas the Defense and Capital Market indices shed over 2 percent.
Technically, after an intraday up move, the market experienced selling pressure near the 25,200/82700 levels. On daily charts, it has formed a small Doji candlestick pattern, indicating indecisiveness between the bulls and bears. We believe that as long as the market trades within the 25,000/82000 to 25,200/ 82700 range, this range-bound behavior is likely to continue. A successful breakout above 25,200/82700 could push the market up to the 25,350–25,400/83000-83300 levels. On the other hand, below 25,000/82000, selling pressure is likely to accelerate. If the market falls below this level, it could slip to the 24,850–24,775/81700-81500 range.
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