The boredom continues in the market, stay light once Nifty reaches 9700 - 9720: Angel Broking

Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):

Technical Outlook

Similar to yesterday's session, our benchmark index opened slightly higher as indicated by the SGX Nifty early in the morning. However, we witnessed a mild profit booking throughout the remaining part of the day to gradually sneak below the 9650 on a closing basis.

The boredom continues in the market and there was no surprise of such kind of movement as the index has clearly slipped into a consolidation mode since last few days. The chart structure remains unchanged and hence, we reiterate advising booking profits once the index approaches the resistance zone of 9700 - 9720 levels. For the coming session, 9620 - 9580 are seen as immediate and strong support levels for the index. It would be a prudent strategy to keep focusing on individual stocks and staying light in the market once Nifty approaches mentioned resistance zone.

Source : Equity Bulls

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