9700 - 9720 remains to be a hurdle; index specific longs should be avoided: Angel Broking

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

It's been a day of consolidation for our markets as we saw Nifty oscillating in a small range throughout the day to conclude the week on a flat note tad below the psychological hurdle of 9700.

Due to yesterdays up move, the Nifty managed to surpass the resistance zone of 9630 - 9650 on a closing basis. Despite this, two consecutive narrow range candles after kissing 9700 does not give any comfort to change our cautious stance on the market. One of the notable observations on weekly chart is certainly holding us back. We are meticulously observing the placement of 'Parabolic SAR' indicator which turned into a 'Sell' mode last week. The Nifty is now placed tad below the higher end of this indicator and going ahead, we still believe that it would be a daunting task to overcome it in the near term. Hence, we would continue to advise staying light in the market (at least index specific longs should be avoided) and should focus on individual stocks in order to get better trading opportunities. On the flipside, 9640 - 9600 are seen as immediate support levels; but, with a near term view, these levels may get breached soon.

Source : Equity Bulls

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