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 corrected sharply. The Nifty ends 253 points lower, while the Sensex was down by 823 points. Among sectors, all the major sectoral indices witnessed profit booking at higher levels, but the Capital Market index lost the most, shed over 3 percent. Technically, the market breached the crucial support level of 25,000/82000. Post-breakdown, selling pressure intensified. On daily charts, it has formed a long bearish candle, which supports further weakness from the current levels.
We are of the view that the short-term market texture is weak, but a fresh selloff is possible only after the dismissal of 24,825/81500 or below the 20-day SMA (Simple Moving Average). Below this level, the market could slip to 24,700-24650/81100-81000. On the other hand, above 24,920/81800, we could expect a quick intraday pullback rally up to 25,000-25,050/82000-82150.
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Indian markets end marginally lower this week amid subdued Q1 earnings, global sentiment
