Keep focusing on individual stocks and avoid taking undue risks: Angel Broking

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

Technical Outlook

We witnessed a flat opening in our market as indicated by the muted cues from the Asian bourses. This was followed by some positive traction to push the Nifty towards the 9650 mark. However, once again a strong selling pressure at higher levels dragged the index lower to eventually conclude the day with negligible losses.

The price action is clearly very much on our expected lines as we have been quite vocal about this consolidation phase after reaching a milestone of 9700. Still, we do not see any major change in the chart structure and hence, we reiterate advising booking profits once the index approaches the resistance zone of 9700 - 9720 levels. For the coming session, 9580 would be seen as immediate and strong support level for the index. It would be a prudent strategy to keep focusing on individual stocks and avoid taking undue risks.

Source : Equity Bulls

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