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 profit booking at higher levels. The Nifty ends 2 points lower, while the Sensex was down by 46 points. Among sectors, Capital Market, PSU Bank, Media, and Defense indices corrected sharply, shedding over 2 percent, whereas the Reality index gained 1.21 percent. Technically, the market is consistently facing selling pressure near the 24,450/80500 resistance zone, and it also formed a double top pattern on intraday charts, which supports temporary weakness from the current levels.
We believe that as long as the market trades below 24,450/80500, the weak sentiment is likely to continue. On the downside, the market could retest the 24,000/79300 level. Further downward movement may also continue, potentially dragging the index to 23,900/79000. On the flip side, a dismissal of the 24,450/80500 level could change the sentiment. Above this level, the market could move up to 24,600-24700/81000-81300.
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