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Below the Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd

Today, the benchmark indices witnessed profit booking at higher levels. The Nifty ends 140 points lower, while the Sensex was down by 412 points. Among sectors, almost all the major sectoral indices registered intraday profit booking at higher levels, but the India Tourism and Realty indices lost the most, shedding over 2 percent. Technically, on daily charts, it has formed a bearish candle, and on intraday charts, it is holding a lower top formation, which supports temporary weakness. However, the medium-term texture of the market is still positive.

We are of the view that, as long as the market is trading below 24,450/80900, the weak sentiment is likely to continue. On the downside, it could retest the levels of 24,150-24,100/80000-79700. On the flip side, above 24,450/80900, the sentiment could change. Above this level, we could move up to 24,550-24,600/81200-81400. The current market texture is non-directional; hence, level-based trading would be the ideal strategy for short term traders.

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