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 intraday profit booking at higher levels. Nifty ends 54 points lower while the Sensex was down by 151 points. Among Sectors, selective consumer and Media stocks witnessed intraday buying interest whereas Reality and Auto stocks registered profit booking at higher levels. Technically, after gap up open market consistently facing selling pressure at higher levels. A bearish candle on daily charts and lower top formation on intraday charts indicating weak sentiment is likely to continue in the near future. We are of the view that, the current market texture is non-directional hence level based trading would be the ideal strategy for the day traders. For the down side, 25100/82000 would be the key support zone. Below the same, the Nifty could slip till 25000-24970/81700-81600. On the flip side, 25275/82600 would be the crucial resistance area for the bulls. Post 25275/82600 range breakout the market could move up till 25375-25400/82900-83000
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