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 experienced a volatile trading session. After a roller coaster activity, the Nifty ends 175 points lower, while the Sensex was down by 625 points. Among sectors, the Defense index outperformed, rallied over 1 percent, whereas intraday profit booking was seen in selective Auto, Banking, and IT stocks. After an initial fall, the market bounced back sharply, but once again, profit booking occurred at higher levels. Currently, the market is witnessing non-directional activity; perhaps traders are waiting for an either-side breakout.
Technically, 24,700/81100 would be the key support zone for traders, while 25,000/82200 would act as a crucial resistance zone for the bulls. As long as the market trades within this range, a range-bound texture is likely to persist. On the higher side, a successful breach of 25,000/8220 could push the market up to 25,100–25,250/82500-83000. On the downside, a fall below 24,700/81100 could retest levels of 24,500–24,450/80600-80500
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