9600 to be seen as a crucial support: Angel Broking

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

Technical Outlook

Today, we had a soft opening in our market on the back of mounting concerns over falling crude oil prices due to oversupply. This early morning weakness extended a bit in the initial hours. However, we witnessed a smart recovery during the penultimate hour to trim major portion of losses to conclude the session well above the 9600 mark.

Now, if we look at the hourly chart meticulously, we can see today's correction precisely halted around the 61.8% retracement of the recent up move from 9560.80 to 9676.50. Hence, it seems that traders are reluctant to give up the 9600 mark. Hence, going forward, we may see continuation of this bounce first towards 9665 and then to test the 9700 mark. On the flip side, 9608 has now become an important support level on an intraday basis. Traders should remain light on positions and it's advisable to continue with the stock centric approach.

Source : Equity Bulls

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