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 continued narrow range activity. The Nifty ends 1 points higher, while the Sensex was down by 50 points. Among sectors, IT, Defense, and Media indices gained over 1 percent, whereas the Realty index was the top loser, shedding 1 percent.
Technically, the market has been witnessing narrow range activity over the last two days. Key support zones for traders include 25,000/82000 and 25,050/82100, while 25,150/82400-25,200/82600 would act as a key resistance area for the bulls. We are of the view that as long as the market trades between 25,000/82000 and 25,200/82600, range-bound textures are likely to continue.
A successful breakout above 25,200/82600 could push the market up to 25,350/83000-25,400/83200. On the other side, below 25,000/82000, selling pressure is likely to accelerate. Below this level, the market could retest the level of 24,850/81700 - 24,775/81500.
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