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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 range-bound activity. The Nifty ends 70 points higher, while the Sensex was up by 260 points. Among sectors, the Digital index gained 1.35 percent, whereas selective financial stocks registered intraday profit booking at higher levels. Technically, after a muted open, the market witnessed some recovery from the lower levels. However, it is still trading below the 20-day SMA (Simple Moving Average) of 24,700/81300, which is largely negative. We believe that the current market structure is non-directional, and the intraday formation indicating range-bound activity is likely to continue in the near future. For traders, the key levels to watch are 24,450/80500 and 24,700/81300. A move above the 20-day SMA or 24,700/81300 could see the market rallying toward 24,760–24,850/81500-81800. Conversely, a dismissal of 24,450/80500 could accelerate selling pressure, with the market potentially slipping to 24,320–24,300/80100-80000.”

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