Market Update: Kotak Securities’ Shrikant Chouhan Shares Opinion on Market
– Shrikant Chouhan, Kotak Securities, comments on recent market movements
– Heavy correction in the last trading hour pushed Sensex below 63,000
– Realty shares saw a sharp decline today after recent gains
– RBI’s comment on inflation for this fiscal year affected market sentiment
– Nifty formed a long bearish candle on the daily chart, indicating weakness at current levels
– Traders may see technical correction until index stays below 18,725
In the last trading hour, the Sensex saw a heavy correction that pushed it below 63,000, according to Shrikant Chouhan, the head of technical research at Kotak Securities. Realty shares, which had seen a sharp rise recently, saw a decline today. However, the MPC’s decision to maintain interest rates at current levels had already been expected.
RBI’s comment on inflation for this fiscal year affected market sentiment. Technically, Nifty formed a long bearish candle on the daily chart, indicating weakness at current levels. However, the medium-term trend is still bullish.
Traders should watch for a technical correction until the Nifty stays below 18,725. During this time, Nifty may slip to 18,600-18,550. Contrarian traders can take a long position in Nifty around 18,550 with a strict stop loss at 18,520.
In summary, the market saw a heavy correction in the last trading hour, which pushed Sensex below 63,000. Realty shares saw a sharp decline today after recent gains. RBI’s comment on inflation for this fiscal year affected market sentiment. Technically, Nifty formed a long bearish candle on the daily chart, indicating weakness at current levels. Traders should watch for a technical correction until the Nifty stays below 18,725.
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