No respite for the third session, next junction at 10000: Angel Broking

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

"Today, our markets kick started with a downside gap taking cues from the Asian bourses. There was no respite for the third straight session as we saw Nifty sneaking below the 10100 mark. Undoubtedly, the entire ADAG pack was the biggest culprit in spoiling traders' sentiments today. All stocks from this group kept falling like a pack of cards.

As far as index is concerned, we would continue with our latest stance and after anticipating sub-10200 levels, we are now heading towards the next junction of 10000 (daily 89 EMA). With reference to previous articles, multiple technical evidences like, the '5&20 EMA' crossover and falling 'RSI-Smoothened' are providing conviction to our stance. In addition to this, today we can see a decisive breach of previous breakout points placed around 10180, which certainly does not bode well for the bulls. The resistance zone has now shifted lower towards 10175 and 10223. One needs to be very watchful while picking up a stock specific trade."

Source : Equity Bulls

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