10700 - 10650 remains to be a crucial support: Angel Broking

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

"Our markets opened with an upside gap owing to some recovery in the major Asian bourses early in the morning. However, once again, it turned out to be a formality as we saw sharp decline in first half an hour of the trade. Index then consolidated for the major part of the day before starting a last hour stumble to test the intraday support of 10720.

Yesterday, we saw Nifty oscillating precisely within the boundaries of mentioned support and resistance levels i.e. 10720 - 10830. Clearly, market is lacking direction at this moment and probably awaiting some reason to come out of this congestion zone. We being a follower of the market needs to be patient and should avoid aggressive bets within this consolidation phase. Although, the first half was good for individual stocks, the latter half witnessed a strong selling pressure in the broader market. Hence, going ahead, one needs to be very agile while making a stock picking. It's advisable to stay light and follow strict stop losses for existing trades.

As far as levels are concerned, 10700 - 10650 remains to be crucial support in the near term; whereas on the flipside, 10800 followed by 10830 would be seen as a strong hurdle."

Source : Equity Bulls

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