9950 defended by the bulls: Angel Broking

Daily Market Wrap Up by Mr. Ruchit Jain (Equity Technical Analyst, Angel Broking):

"The indices started trading for the week on a cautious note citing the sell-off which was seen in the U.S markets on Friday. However, 9950 acted as a strong support in first half of the session and the Nifty rallied sharply in the latter half to conclude the day well above the 10100 mark.

If we observe the short term charts, it is seen that the Nifty index has pulled back from the higher end of the support zone which was placed in the range of 9950-9900. Also, the options data hinted at this pullback as unwinding was not seen in the 10000 put, which carries the highest OI since the start of this series. Friday's gap area has also been filled which provides a much-needed relief for the bulls. Although this does not change the broader trend, the pullback move could further retrace the recent downmove in near-term. For the coming session, 10200-10227 is likely to act as resistance whereas 10050 is expected to act as intraday support.

We continue with our view that we may see good trading opportunities in individual stocks in this truncated week and hence, traders are advised to continue focusing on such propositions."

Source : Equity Bulls

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