Quote on Market Wrap by Shrikant Chouhan, Head of Equity Research, Kotak Securities
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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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