Market texture is non-directional

Mumbai: The benchmark indices experienced a volatile trading session. The Nifty ended 25 points lower, while the Sensex was down by 13 points. Among sectors, the IT and FMCG indices rallied nearly 1 percent, whereas the Capital Market index shed 1.75 percent. Technically, after a roller-coaster activity, the market eventually closed above the support zone.

“We believe that the intraday market texture is volatile and non-directional; hence, level-based trading would be the ideal strategy for day traders”, says Shrikant Chouhan, Head – Equity Researh, Kotak Securities.

On the down side, 76,700 and 76,500 would be key support zones, while 77,000-77,300 could be the crucial resistance areas for the bulls. Above 77,300, the market could move towards 77,500-77,700, whereas a dismissal of the 76,500 level could accelerate selling pressure. Below this, the index could slip to 76,200-76,000.