Quote on Market Wrap Up 31th July 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Quote on Market Wrap Up 31th July 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices witnessed a volatile trading session from the lower levels, the Nifty ends 86 points lower while the Sensex was down by 296 points. Among Sectors, FMCG Index outperformed, rallied 1.4 percent whereas Oil and Gas, Capital market and Pharma indices shed over 1 percent. Technically, after a gap down open one more time market took the support near 24600/80600 and bounced back sharply. From the day lowest point market rallied over 300 points. However, it failed to close above 24900/81600 levels. Nevertheless, on intraday charts it has formed higher bottom formation which is largely positive.
For the day traders now, 24650/80800 and 24600/80600 would act as a key support zones. As long as market is trading above the same, the pullback formation is likely to continue. On the higher side market could move up to 25000/81900 and 25050/82200. On the other side, below 24600/80600 the sentiment could change. Below the same, traders may prefer to exit out from the trading long positions.
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