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Below the Quote on Market Wrap Up 28th August 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities

The benchmark indices continued to face selling pressure at higher levels. The Nifty ends 211 points lower, while the Sensex was down by 713 points. Among sectors, the Capital Market Index lost the most, shedding over 2 percent, whereas despite the weak market sentiment, some buying was observed in selective Consumer stocks. Technically, after a muted open, the market corrected sharply. On daily charts, it has formed a bearish candle, while on intraday charts, it is showing a lower top formation, which is largely negative.
We believe that the short-term market outlook is weak, but since it is oversold, a quick pullback rally from the current levels cannot be ruled out. For day traders, 24,600/80600 would be a key level; as long as the market remains below this, the weak sentiment is likely to continue. On the lower side, the market could slip to 24,350–24,300/79900-79700. On the flip side, if the market moves above 24,600/80600, the pullback could extend up to the 20-day SMA (Simple Moving Average) or 24,725/81000. Further upside may also continue, potentially lifting the market up to 24,800/81300.
 

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