Shrinking range indicates possibility of a breakout on either side soon: Angel Broking

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

"In last few days, our market opening is clearly decided by the overall developments happening on the global front. Today, once again, negative mood from the US bourses was passed on to the Asian markets and hence, our benchmark index (Nifty) had a gap down opening by nearly half a percent. However, we saw a gradual recovery throughout the remaining part of the day by a small margin to defend the 9900 mark on a closing basis.

The consolidation continues in our market but fortunately, post the opening, we are seeing an independent move by shrugging off all the negative developments taking place with respect to geopolitical concerns. The intraday trading range is getting shrunk day-by-day; indicating possibility of a breakout on either side soon. Till then traders are advised to keep concentrating on selective midcaps that are showing excellent buying interest. For the coming session, 9963 - 9988 would be seen as immediate resistances; whereas, 9882 - 9861 should be considered as a key support zone."

Source : Equity Bulls

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