Expiry factor pushed index beyond 10600: Angel Broking

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

"Similar to previous session, once again our markets opened with a mildly positive bias despite some sluggishness across the globe. This was followed by a consolidation in a slender range for the major part of the day. However, eventually the expiry factor came into picture and index picked up some buying momentum in the final hour of the trade to eventually conclude the April series tad above the 10600 mark.

Today's movement was very much on expected lines and the recovery in terms of price action was quite encouraging. But, historically speaking, such expiry moves can be a bit deceptive and hence, we need to keep a close eye on how market behaves on the subsequent day. On the upside, 10640 remain to be a major hurdle; whereas, on the downside, 10559 - 10536 would be seen as intraday support levels.

The ideal strategy for coming day would be to keep tracking mentioned levels and one should rather focus on individual stocks. We need to highlight one point that in case of a breakout beyond 10640, we would expect extension of this relief rally towards 10700 - 10750 but it certainly does not change our broader view and hence, we would continue advising staying light on positions."

Source : Equity Bulls

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