Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
Below the Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
Today, the benchmark indices witnessed selling pressure at higher levels. The Nifty ends 82 points lower while the Sensex was down by 156 points. Among sectors, most of the leading sectoral indices registered intraday profit booking, but the PSU Banks index lost the most, shedding 5 percent. Technically, after a muted open, the market consistently faced selling pressure at higher levels. A bearish candle on daily charts and a lower top formation on intraday charts indicate further weakness from the current levels.
We are of the view that as long as the market is trading below 24500/81000, the weak sentiment is likely to continue. On the lower side, the market could retest the level of 24250/80300. Further downside may also continue, which could drag the index down to 24175/80000. On the other side, a dismissal of 24500/81000 could push the market up to 24580-24625/81300-81400. The current market texture is non-directional; hence, levels-based trading would be the ideal strategy for day traders.
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