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, on the backdrop of weak global sentiment, our market corrected sharply. The Nifty ends 204 points lower, while the Sensex was down by 645 points. Among sectors, Capital Market and FMCG indices corrected the most, shedding nearly 1.5 percent, whereas despite the weak sentiment, the Defense index outperformed, rallied 2.10 percent. Technically, the Nifty and Sensex have formed bearish candles on daily charts and are holding a lower top formation on intraday charts, which is largely negative.
We believe that the intraday market texture is on the weaker side, but a fresh selloff is possible only after the dismissal of the 24,450/80450 level or below 20-day SMA (Simple Moving Average). On the higher side, 24,650–24,750/81100-81300 would be the key resistance zones for short term traders. Above this, a pullback rally could extend up to 24,850-24900/81500-81800. On the downside, if the market falls below 24,450/80450, it could retest levels of 24,380-24165/80000 - 79500
Above views are of the author and not of the website kindly read disclaimer
