Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities
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Below the Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices witnessed lackluster activity, the Nifty ends 86 points lower while the Sensex was down by 319 points. Among Sectors, Auto and IT indices shed over 1 percent whereas buying interest continued in Reality stocks. Technically, after a muted open entire day market consistently witnessed selling pressure at higher levels. In addition, the Nifty index closed below 50-day SMA (Simple Moving Average) mark, which is largely negative. We are of the view that, the intraday market texture is weak but fresh selloff possible only after dismissal of 24900/81300 below the same it could slip till 24800-24750/81000-80800. On the flip side, above 50 day SMA or 25078/81800 the sentiment could change. Above which, market could retest the level of 25200-25260/82100-82400. The current market texture is non-directional hence level based trading would be the ideal strategy for the day traders.
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