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

Today, the benchmark indices witnessed a recovery from lower levels, with the Nifty ends  131  points higher while the Sensex was up by 567 points. Among sectors, the IT index gained over 2 percent, whereas the Realty index corrected sharply shed over 4.5 percent. Technically, after the intraday correction, the market found support near 23000/75850 and bounced back sharply. However, the short-term trend of the market remains weak.

For day traders, 23000/75850 would act as a crucial support zone. If the index stays above this level, the pullback formation is likely to continue. On the higher side, the market could bounce back to the range of 23250-23325/76700-76900. Conversely, if it falls below 23000/75850 the sentiment could change below the same it could decline to 22900-22880/75600-75500.

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