Nifty at six-weeks' high, approaching wall of 10580 - 10640: Angel Broking

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

"Today's gap down opening was certainly not the ideal kind of start most of the traders expected for. This was mainly on the back of lower margin guidance from the management of the one of the leading 'IT' companies 'Infosys', post the market hours on Friday. However, it was merely a formality, as we witnessed a decent recovery in all the 'IT' names right from the word go. This lifted benchmarks and eventually a broad based buying in the second half pushed the Nifty towards its six weeks' high beyond the 10500 mark.

On Friday, despite Nifty witnessing some profit booking from higher levels, we were quite vocal on the possibility of extending this move towards 10580 - 10640. Today's v-shaped recovery certainly justifies this stance. Now, looking at today's close, we will not be surprised to see Nifty entering this resistance zone of 10580 - 10640 quite soon. However, this time, it would be an opportunity for short term traders to take some money off the table as it would be a daunting task for the index to conquer this wall in the ongoing run. Till then, intraday traders are advised to trade with a positive bias and try to focus on individual stocks that may offer better trading opportunities. For the coming session, the support now would be seen at 10500 - 10450 levels."

Source : Equity Bulls

Keywords