Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"Yesterday's decent up move was followed by a subdued start for our markets. During the day, index didn't go anywhere as it just vacillated precisely within the intraday boundaries. Eventually, a tail-end profit booking in some of the heavyweight constituents led to a bit of weak closing with half a percent cut.
Technically speaking, there is nothing much changed and hence, it would be very difficult to make any comment on the index. We need to keep waiting patiently for any kind of encouraging or a trended move in the either direction. Rather than pre-empting it, it's always advisable to stay on the sidelines and wait for the right moment. Until then keep concentrating on ideas outside the index, which are offering better trading opportunities. As far as levels are concerned, the resistance zone remains around 10800 – 10840 and on the lower side, 10720 followed 10677 would be seen as immediate support levels.
Today, some marquee 'Cement' stocks finally had a good positive traction, which we have been anticipating since a week. We believe that this momentum is likely to continue and hence, one can still look to place their bets on any minor dips. Apart from this, 'Auto' space has seen some divergent moves within its constituents. Thus, one needs to be very selective while picking up the appropriate proposition."