Stocks offering trading opportunities on both sides: Angel Broking

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

"Despite some strong sell-off in US markets on Friday, our markets opened on a subdued note, owing to early morning recovery in 'Dow Futures'. During the initial hour, a follow up buying across the board extended last week's relief rally by more than half a percent. However, due to continuous profit booking, the index could not precisely test the 10400 mark.

The Nifty remained in a positive territory throughout the day; however, the day clearly belongs to the individual stocks. We did see stock specific moves in both directions, which we believe is likely to continue as index is now approaching the important resistance zone of 10400 - 10450. As a momentum trader, one should strictly adopt a stock centric approach as index enters this territory. On the downside, 10350 - 10322 would be seen as important support levels.

With a broader view, we would reiterate that if we look at the weekly and monthly charts, we still believe that worse is not over yet for our markets. This is just a relief rally and hence, one need to keep booking timely profits and ideally should stay light on positions."

Source : Equity Bulls

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