Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
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Below the Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
Today, the benchmark indices continued selling pressure at higher levels, the Nifty ends 169 points lower while the Sensex was down by 423 points. Among Sectors, PSU Banks, Media, Metal indices lost the most shed over 2 percent whereas despite weak market sentiment Reality index outperformed, rallied nearly 1 percent. Technically, on daily charts the index has formed bearish candle and it also holding lower top formation, which is largely negative.
We are of the view that, the current market texture is weak but oversold hence strong possibility of one quick pullback rally is not ruled out. For the traders now, 23350/77150 and 23400/77300 would be the key levels. Above 23400/77300, we could see one quick pullback rally till 23500-23550/77700-78000.On the flip side, fresh selloff possible only after dismissal 23250/76900. Below which the selling pressure is likely to accelerate. Below the same market could slip till 23175-23150/76600-76500
Above views are of the author and not of the website kindly read disclaimer
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