Roller coaster ride for market, continue to remain cautious: Angel Broking

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

"Today's move was as good as a roller coaster ride for our market participants. After the initial hour weakness, the index gave a sudden spurt to hasten towards the 10300 mark. And then post the midsession, we saw index falling like a pack of cards. In fact, within a blink of an eye we saw index back to 10200 levels.

If we just look at today's closing, one would say that not much damage done from previous day's close. But, if we meticulously observe the intraday action, we can see lot of developments happening as the index came off nearly 130 points from day's high in a flash. All these things go well with our recent cautious stance and hence, we continue to advise avoiding aggressive longs in the market. For the coming session, 10140 - 10100 levels are likely to be retested; whereas, on the higher side, 10230 - 10260 would now be seen as an intraday resistance zone."

Source : Equity Bulls

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