Focus on selective midcap counters: Angel Broking

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

"Our markets had a roller-coaster ride today as the Nifty gyrated within previous day's range with a slightly higher volatility. During the midst of the day, we witnessed markets correcting quite sharply from higher levels; but, once again a smart recovery in the second half pushed the index higher to reclaim the 9950 mark on a closing basis.

Since, the daily chart structure does not depict any major change; our view more or less remains the same. We continue to expect index consolidating in a range of 9855 – 10000 for a while; but, during this, lot of individual stocks are likely to outperform (similar to what we witnessed today). In such kind of scenarios, traders are advised not to participate in index specific trades; rather keep concentrating on selective midcaps that are showing excellent buying interest."

Source : Equity Bulls

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