Profit booking dragged index below 10100: Angel Broking

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

"Today's opening was quiet as we saw some softness in some of the Asian bourses early in the morning. The index gained some momentum in the midst of the session to march gradually towards the recent high of 10137.85. Clearly, the index heavyweight 'Reliance' was in the driver's seat (similar to last 4 - 5 months), who hit fresh record highs today. However, we saw some strong profit booking in the broader market in last 90 minutes of the trade to pull the index well below the 10100 mark.

With reference to previous article, the Nifty made its attempt to retest the all-time high; but, some decent profit booking dragged the index lower from a kissing distance. Going ahead, we would expect some kind of consolidation in a range of 10000 - 10138 with slightly higher volatility. Hence going ahead, traders are advised to be very selective while making the stock selection. It's advisable to stay light and focus on individual stocks as we may see some incremental change in the volatility."

Source : Equity Bulls

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