Bank Nifty looks tentative around 25900 -26000: Angel Broking

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

"Despite North Korea missile test, our markets opened on a flat note; but, one would also think from a different point of view that a massive overnight rally in US bourses did not have any rub off effect as we saw index remaining under pressure for the major part of the day. In fact, due to some tail end selling, Nifty sneaked tad below the 10350 mark.

With reference to previous articles, the index is clearly respecting the 10405 mark and is facing tremendous challenge to overcome it. We continue to remain slightly on the cautious side as long as index trades below it. Going ahead, we would be closely keeping a track of Tuesday's low of 10340 and any sustainable move below this support would result into further weakness towards the next psychological junction of 10300.

Of late, a sheer outperformance from banking index has been supporting the benchmark index; but now since last 4 - 5 sessions, the Bank Nifty looks a bit tentative around 25900 - 26000. Hence, such incompetence can result into some weakness, which will eventually lead to possible weakness in Nifty as well. Looking at this uncertainty, we advise traders to remain light and follow strict stop losses for existing positions."

Shares of 20 MICRONS LTD. was last trading in BSE at Rs.59.65 as compared to the previous close of Rs. 59.25. The total number of shares traded during the day was 241566 in over 1839 trades.

The stock hit an intraday high of Rs. 63.8 and intraday low of 59.1. The net turnover during the day was Rs. 14868574.

Source : Equity Bulls

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