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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 some recovery from the lower levels, with the Nifty ends 90 points lower while the Sensex was down by 320 points. Among sectors, the IT index corrected sharply, shed over 4 percent, whereas the Pharma index was the top gainer, rallied over 2 percent.

Technically, after a gap down opening, the market found support near 23150/75800 and reversed. However, it failed to surpass the 23350/77000 resistance zone, which is largely negative. We believe that the market is currently experiencing non-directional activity. On the downside, it is consistently finding support near 23150/75800, while profit booking is occurring near the 23350/77000 zone. For short-term traders, 23350/77000 is now the key level to watch. If the index moves above this level, the bounce back could continue up to 23500-23600/77500-77800. Conversely, if it falls below 23150/75800, selling pressure could intensify, potentially leading the market to retest levels around 23000-22950/75500-75300.

Given the current market conditions, which are non-directional, level-based trading would be the ideal strategy for day traders

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