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 recovery from the lower levels. The Nifty ends 35 points higher, while the Sensex was up by 106 points. Among sectors, the Capital Market Index was the top gainer, rallying over 3 percent, whereas the Defense Index shed over 1 percent. Technically, after a weak open, the market bounced back sharply from the day's lowest point, over 200/ 500 points.
We are of the view that the current market texture is non-directional; perhaps traders are waiting for either side breakout. On the higher side, 24500/81000 would be the immediate breakout level for traders. Above this level, the market could move up to 24600-24650/81300-81500. On the other side, a dismissal of 24300/80500 could accelerate the selling pressure. Below this level, the market could retest the level of 24200/80200. Further downside may also continue, which could drag the market down to 24125-24100/80000-79800.
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