Quote on Market Wrap Up 17 July 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Quote on Market Wrap Up 17 July 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices witnessed profit booking at higher levels. The Nifty ends 101 points lower, while the Sensex was down by 375 points. Among sectors, the Reality index was the top gainer, rallied 1.23 percent, whereas the IT index lost the most, shed 1.50 percent. Technically, after a muted open, the market has been consistently facing selling pressure at higher levels. The Nifty/Sensex has formed a bearish candle on daily charts and a lower top formation on intraday charts, which is largely negative. We are of the view that, as long as the market is trading below 25,200/82,500, the weak sentiment is likely to continue. On the downside, the 50-day SMA (Simple Moving Average) at 25,000/82,000 would be the immediate support level. Below 25,000/82,000, the chances of hitting 24,900-24,850/81,600-81,500 would increase.
On the upside, a break above 25,200/82,500 could lead the market to retest the levels of 25,280/82,800. A successful breakout above 25,280/82,800 could push the market up to 25,350-25,425/83,000-83,300.
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