Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"Despite global peers showing some nervousness, our markets managed to open with a small upside gap. However, the 'Open High' kind of scenario came into picture as the index failed to surpass the opening level during the remaining part of the day. Overall, it was clearly a day of consolidation for our markets as we saw Nifty gyrating within a slender range of 43 point to eventually conclude at the 10800 mark.
Since last couple of trading sessions, index made several attempts to go past Thursday's high of 10834; but, every attempt is getting sold into. This intraday hurdle is proving its worth now and hence, going ahead, one needs to keep tracking how index behaves around it. Only a sustainable move beyond this would bring back some optimism in the market to eventually move towards the major resistance zone of 10900 - 10920. On the flip side, 10755 - 10700 remains to be a crucial support zone. Unless we see any decisive breakout from the recent range on either side, the lethargic movement continues in the market. Therefore, traders are repeatedly advised to focus on individual stocks and should avoid taking aggressive bets."