Stay light in index and keep focusing on individual stocks: Angel Broking

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

"Today, despite not so favorable cues from other global bourses, our markets opened at new record high. However, this early morning lead was quite short lived as we saw Nifty immediately settling down around yesterday's close. This was followed by some consolidation and then yet another bout of profit booking towards the fag end to conclude the session tad below the 10450 mark.

The way markets closed yesterday and importantly opened with strength, traders' fraternity became so delighted to witness yet another milestone of 10500 on the screen. However, we saw some hint of volatility and profit booking in the latter half to end the session with a nominal cut. Today, Nifty came off a bit from the kissing distance of 10500, which was quite evident as it holds a crucial level on technical as well as on the derivatives front. Hence, we advised not to trade aggressively in the index; but the way some of the individual stocks gave a spellbinding move was very much on our expected lines. Traders are advised to keep a close track of the trading range 10490 - 10372."

Source : Equity Bulls

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