Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices witnessed narrow range activity, with the Nifty ends 82 points lower, while the Sensex was down by 315 points. Among sectors, the Pharma index outperformed, rallying over 1 percent, whereas profit booking was observed in Realty and FMCG stocks, with both indices shedding over 1 percent.
Technically, after a muted opening, the market experienced narrow range activity. On the daily charts, it has formed an inside body candle formation, indicating indecisiveness between the bulls and bears. We believe that the short-term market texture is bullish, but a fresh uptrend rally is only possible after the dismissal of the 24350/80100 resistance zone. Above this level, the market could move up to 24450-24500/80400-80500. On the other hand, if the market falls below 24200/79600, we could see a quick intraday correction down to 24100/79300. Further downside may also continue, which could drag the market down to 24000/79000.
The current market texture is non-directional; hence, level-based trading would be the ideal strategy for day traders.
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