Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices witnessed a range-bound trading session, with the Nifty ends unchanged while the Sensex was up by 70 points. Among sectors, the Defense index outperformed, rallying 5 percent, while intraday profit booking was seen in select pharma stocks, resulting in a 1 percent decline for the Pharma index.
Technically, the market is consistently facing resistance near the 24,450/80500 resistance zone. A small bearish candle near this important resistance level indicates indecisiveness between the bulls and the bears.
We are of the view that, on the upside, 24,450/80500 would be the immediate breakout level for the bulls. Above this level, the market could rally towards 24,550-24,600/80800-81000. On the other hand, if the market falls below 24250/80000, selling pressure is likely to accelerate. Below this level, we could see a quick correction down to 24,150-24100/79700-79500.
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