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Below the Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities

Today, after a weak open market that witnessed intraday recovery, the Nifty ends 30  points higher while the Sensex was down by 58 points. Among Sectors, Healthcare and Pharma indices gained over 1 percent, whereas the Defence index lost the most, showing nearly 3  percent. Technically, after an early morning intraday correction, the market took support near 22725/75300 and bounced back sharply. However, the short-term texture of the market is still on the downside.

We are of the view that as long as the market is trading above 22800/75500, the pullback formation is likely to continue. On the higher side, it could move up till 23000/76200. Further upside may also continue, which could lift the market till 23075/76500. On the flip side, below 22800/75500 the sentiment could change. Below the same, the market could slip till 22725-22650/75300-75000

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