Sub-10000 finally a reality now: Angel Broking

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

"A mounting concern on 'Trade War' between the US and the China started looming over rest of the world. This has clearly spooked traders' community across the globe, resulting into massive sell off in the equity bourses. We are no exception to this and hence, our benchmarks had a huge gap down opening well below the important psychological mark of 10000. Some respite at lower levels trimmed some portion of losses to conclude the week tad below this important junction.

As far as direction is concerned, it's no brainer; we remain in a 'Sell on rise' kind of market. But, since we are heading into the truncated expiry week, the 'Expiry Factor' will come into picture. For the coming session, 10060 - 10110 would be seen as strong hurdle. In case of a bounce back, any attempt towards this resistance zone is likely to get sold into. On the lower side, at least for this expiry, 9950 - 9900 would be seen as a crucial support area. But, if we have to take slightly broader view then we would expect lower levels of 9800 - 9700, which have been our target levels ever since we got trend reversal in the 'Budget Week'.

For the coming week, traders are advised to keep a note of these key levels and should rather remain light on positions. During the week, we may see good trading opportunities in individual stocks and hence, one should keep focusing on such propositions."

Source : Equity Bulls

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