Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"The SGX Nifty had displayed lot of action ahead of market opening as we saw it not only recovering from lower levels but indicating a strong start for our markets. This happened after the announcement of RBI Governor to make an unscheduled speech at 10 am. In line with this, Nifty opened on a positive note and then went into a consolidation mode for the remaining pat of the session. Although there was some volatility visible during the day, the overall intraday activity was trapped in a range. Eventually, Nifty ended the session with nearly eight tenths of a percent gains by reclaiming the 14600 mark.
Since last few days we have been mentioning how the key indices are showing no trend at all. At the end of the day, they might close in green or red; but the overall action is very much muted for indices. However, the real action still continues from the different themes of the market. For the coming session, 14550 - 14450 - 14400 are to be seen as immediate supports and on the higher side, 14730 is the level to watch out for. If any small directional move is to be seen in Nifty it either needs to surpass 14730 or break below 14400. Till then better to avoid index and focus strictly on individual stocks that are doing exceedingly well.
Today, the day clearly belongs to the PHARMACEUTICAL stocks as we saw some of the large cap counters soaring as if there is no tomorrow. Hence, traders should still look to identify such potential moves in order to get better trading opportunities."