Perfect balancing act from heavyweight banking names: Angel Broking

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

"The proceedings for the day began with a gap up opening beyond 10400, which is certainly a remarkable achievement after undergoing lot of pain post the Union Budget. Subsequently, index consolidated in a slender range for the remaining part; but individual stocks continued their recent outperformance as we saw decent moves on both sides.

Clearly, the index is getting a bit tired after seeing a decent relief rally in last 4 - 5 days and importantly as it approaches the major resistance zone of 10400 - 10500. In our sense, traders are advised to start booking profits if index enters this territory and needs to be very agile while picking up the stock. For the coming session, 10430 - 10478 would be seen as immediate hurdles; whereas on the downside, 10381 - 10350 is likely to act as a key support zone.

Today's small range in the index does not depict the right picture. There was a perfect balancing act seen from the few index heavyweights. Couple of major Private banking names, ICICI and Axis Bank had a stellar move and on the other hand, HDFC twins restricted the Nifty from extending its move. Going forward, do watch out for these counters along with Larsen and Toubro."

Source : Equity Bulls

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