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Below the Quote on Market Wrap Up 07th Aug 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities

Today, the benchmark indices experienced a volatile trading session. The Nifty closed 22 points higher, while the Sensex was up by 79 points. Among sectors, IT, Media, and Digital indices rallied over 1 percent, whereas intraday profit booking was observed in Reality and Energy indices. Technically, after a gap-down open, the market corrected sharply. However, it eventually found support near 24,350/79800 and bounced back sharply. From the day's lowest point, the market rallied over 275 /900 points. Additionally, on intraday charts, a reversal formation has appeared, which is largely positive.

We are of the view  that 24,500/80300 will act as a key support zone for day traders. As long as the market stays above this level, the pullback formation is likely to continue. On the higher side, the market could move up to 24,800/81000. Further upside may also continue, potentially lifting the index up to 24,875/81350. On the flip side, a decline below 24,500/80300 could change the sentiment. Below this level, the market could retest the levels of 24,350-24,300/79800-79650.