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 lackluster activity. The Nifty ends 73 points lower, while the Sensex was down by 239 points. Among sectors, PSU Banks and Defense rallied nearly 1 percent, whereas the FMCG index shed 1.40 percent. Technically, after a muted open, the entire day the market hovered between 24,740/81200 and 24,850/81600. It also formed a small bearish candle on daily charts, which indicates indecisiveness between the bulls and the bears.
We believe that the intraday market texture is non-directional; perhaps traders are waiting for a breakout on either side. For day traders, now, 24,850/81600 would be the immediate breakout level. Above this, the market is likely to retest the levels of 25,000/82100–25,100/82500. On the other hand, below 24,740/81200 could accelerate selling pressure, with support levels at 24,600/80800–24,500/80400.
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