Nifty reluctant to remain below 10558: Angel Broking

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

"Overall it's been a day of consolidation with a negative bias for our benchmarks. But, if we try to look at it meticulously, we can see some ups and downs during the session. Clearly, the midcap universe was very much in focus today as the destruction continues in the broader market. However, the 'Nifty Midcap' index eventually managed to recover fair bit of ground after reaching its multiple support zone, resulted into some recovery in benchmarks too.

During the session, index remained under pressure for the major part, in fact, the selling intensified twice to retest the crucial support of 10558. But, as expected, some respite was seen around those levels and index looked totally reluctant to remain below this for a long time. Hence, going forward, 10558 – 10550 remains to be a 'Make or Break' zone in the near term. Considering the overall development in the broader market, a possibility of some respite in coming session cannot be ruled out. For the day, first resistance would be seen at 10633 and a sustainable move beyond this would extend the relief rally towards 10670 levels. At this juncture, traders are advised to remain light and try to focus on counters which are poised for some relief rally."

Source : Equity Bulls

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