10690 earns respect from traders: Angel Broking

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

"Our benchmark index showed some nervousness in the opening trades. This was mainly on the back of rising concerns over Brent crude crossing the $75 mark. However, it was merely a formality as we saw all these nerves getting observed within few minutes to resume the recent optimism. Index then gradually marched higher and went on to reclaim the 10750 mark. A minor profit booking at higher levels eventually pulled index tad lower from its intraday highs.

Overall, there was some boredom seen in the market today and this was very much on our expected lines. In fact, due to today's early morning recovery, 10690 has now earned great amount of respect from traders. Hence, going forward, optimistic traders should shift their stop losses at 10690. On the higher side, as of now we do not see any convincing signal which will enforce some sort of strength to surpass the strong resistance zone of 10780 - 10800 levels. Since, index has stuck in a range; it's advisable to remain light around the higher band and should ideally focus on individual stocks, which may offer better trading opportunities in the consolidation phase.

Similar to yesterday, the banking index once again proved its significance as we saw continuation of the relentless rally towards the 26200 mark. However, some hint of profit booking seen in banking conglomerates around it, which we believe makes 26200 as a key level in the coming trading session."

Source : Equity Bulls

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