Perspective on Markets

By Shrikant Chauhan, Head Technical Research, Kotak Securities:

Nifty opened on a negative note around 7730 levels, selling got accelerated at breach of 7700 levels and market closed the day at weak note around 7670 levels. Banking stocks witnessed selling pressure with banking major witnessing decent fall for the day. FMCG major witnessed major drag for the day. Commodities stock witnessed cool off after strong session of yesterday. For the coming sessions, 7570-7630 will remain major support for the market and on the higher side 7750-7800 will remain critical hurdle on upside. Range bound trading is expected to remain in this trading range. Selective buying should be seen at 7570 in the index stocks. Losing long position should be reduced at 7800 levels.