Daily Market Wrap Up by Mr. Sameet Chavan - Chief Analyst - Technical & Derivatives, Angel Broking.
Yesterday's extremely volatile session was followed by relatively subdued action in the midst of a global uncertainty. The Nifty attempted to slide further in the penultimate hour; but a strong buying near lows pulled the index higher to close tad above the 9100 mark.
Today's close was slightly relieving for most of the traders (especially bulls) after seeing a massive sell off during the previous session. Looking at today's recovery after posting a low of 9075, it can be concluded that the Nifty is respecting its intraday support level of 9060 (161% retracement of the small up move from 9120.25 to 9217.90). Going forward, 9130 - 9160 would be seen as a strong intraday resistance zone. At present, one should closely keep a track of the trading range of 9060 - 9160. It's advisable to focus on individual stocks which are likely to offer better trading opportunities.