Index continues its lethargic move: Angel Broking

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

"Our markets had decent swings during the day as traders looked a bit confused ahead of the Fed policy. Similar to previous session, we had a positive start with a decent gap and this was followed by a strong correction to trim all opening gains. Subsequently, a good buying interest was seen at lower levels post the initial hour; leading to a gradual push towards the 10900 mark. However, as most of the traders were a bit worried of, index eventually wiped off major chunk of gains due to a tail end correction.

The index continues its consolidation with a mildly positive bias. This was clearly on cards as the major index movers have taken a back seat and only beaten down counters from the midcap universe along with the Pharma space are driving the markets. Since, there is no participation from the key heavyweights; index is not going anywhere as the momentum is clearly missing. During the morning session, it looked like as if today is the day to come out of the consolidation. But, the close once again was disappointing. As a trader, one needs to expect index remaining a trading range of 10920 to 10780 for a while. Hence, it's advisable to stay light and continue focusing on individual stocks. For the forthcoming day, 10832 followed by 10780 would be seen as immediate support levels."

Source : Equity Bulls

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