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 profit booking at higher levels, with the Nifty ends 14 points lower while the Sensex was down by 32 points. Among sectors, the Healthcare and Pharma indices outperformed, rallying over 1 percent. On the other hand, the IT and PSU Banks indices shed over 1 percent.
Technically, after a early morning intraday rally, the market registered profit booking at higher levels. From its day's highest point, the market shed over 235/750 points.
We are of the view that the current market texture is volatile and non-directional, making level-based trading an ideal strategy for day traders.
In the near future, 23200/76500 and 23250/76750 could be the key resistance areas for the bulls, while 22950/76000 and 22,900/75700 would be the key support zones. However, if the market falls below 22,900/75700, the sentiment could change, and traders may prefer to exit long positions.
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