Thinnest single day range in many months: Angel Broking

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

"Yesterday's decent profit booking was followed by a gap up opening with a small margin. However, post the opening, the benchmark index almost became stationary as we saw Nifty trading within a slender range of merely 26 points throughout the day. This was probably the thinnest single day range in last many months. But, we must accept the fact that the real action (on both sides) was seen in individual names.

Despite Nifty experiencing some profit booking yesterday, we were quite convinced that the index would once again make an attempt to inch higher and for the day, 10495 would act as a key support. This is what we witnessed today and going ahead, we continue to expect Nifty making an effort to re-enter the strong resistance zone of 10580 - 10640. On the lower side, 10546 followed by 10495 would be seen as a crucial support. Only a sustainable move below this level would apply immediate brakes on recent relief rally. Till then the index may continue gyrating within a range of 10495 - 10640.

Today surprisingly, 'Metal' counters had a glittering move as some of the names soared to a great extent. On the other hand, 'Oil Marketing Companies' continue to take a solid toll as Brent Crude climbed further and is about to knock the 75 mark."

Source : Equity Bulls

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