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 corrected sharply. The Nifty ends 320 points lower, while the Sensex fell by 1235 points. Among sectors, all the major sectoral indices were traded in the red, but the Realty index lost the most, shed over 4 percent.
Technically, after a gap-up open, the market consistently faced selling pressure at higher levels. This led to the formation of a long bearish candle on the daily charts, and the index closed below the 23,100/76000-support zone, which is largely negative. We are of the view that, as long as the market trades below 23, 100/76000, the weak sentiment is likely to continue.
On the downside, the market could slip as low as 22,900/75500. Further weakness is likely to continue, which could drag the market till 22850/75300. However, above 23100/76000, the market could bounce back, moving towards 23,250-23,300/76400-76500. The current market texture is volatile, and thus level-based trading would be the ideal strategy for day traders
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