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 lackluster activity, the Nifty ends 1 points higher while the Sensex was down by 4 points. Among Sectors, buying seen in selective Consumer and Financial stocks whereas Media index shed over 1 percent. Technically, after a muted opening entire day market hovered between 25235/82400 to 25320/82675. A small candle on daily charts and non-directional activity on intraday charts showing indecisiveness between the bulls and the bears.
We are of the view that the current market texture is non-directional, perhaps traders are waiting for either side breakout. For the day traders now, 25350/82900 would be the immediate breakout level. Above the same, the market could rally up to 25450-25500/83300-83500. On the flip side, dismissal of 25200/82300 may trigger intraday correction. Below 25200/82300, the chances of hitting 25100/82000 would turn bright. Further down side may also continue which could drag the market till 25050/81750
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Post market comment by Mandar Bhojane, Research Analyst, Choice Broking
