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 intraday recovery, with the Nifty ends 27 points lower while the Sensex was down by 123 points. Among sectors, the Capital Market and PSU Bank indices gained over 1 percent, whereas the Realty index was the top loser, shedding over 2.79 percent.
Technically, after an early morning intraday correction, the market defended the 22800/75400 support zone and bounced back sharply. From the day's lowest levels, it rallied nearly 245/780 points. Additionally, it formed a long-legged doji candle formation, which indicates indecisiveness between bulls and bears.
We are of the view that as long as the market is trading above 22950/75500, the pullback formation is likely to continue. On the higher side, it could bounce back to the 23200-23250/76700-76800 range. Conversely, if it falls below 22950/75500, selling pressure is likely to accelerate. If that happens, the market could retest the 22800/75000 level. Further downside movement may also persist, potentially dragging the market down to 22725/74700
Above views are of the author and not of the website kindly read disclaimer
More News
Quote on Market Wrap by Mr. Ajit Mishra - SVP, Research, Religare Broking Ltd
