Some intraday volatility in the market but we are back in the safe zone: Angel Broking

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

"In last couple of days, US markets have once again started marching northwards and in-line with this, we opened higher after yesterday's quiet day of trade. Subsequently, index consolidated for a while; however post the mid-session, we saw aggravated profit taking across the board. At one point, things did not look good but fortunately for us, strong buying emerged at lower levels to pull the index back above the 10900 mark to eventually conclude with negligible gains.

Market always keeps us on toes and today, the kind of swings we had on both sides, is the perfect example of it. At the end, we can easily say we are in a relatively safer zone now and today's intraday dip was merely a pullback towards the previous hurdles of 10860 - 10840. But as mentioned, at one point during the day, individual stocks were under a tremendous pressure. At present, the hourly chart gives us a better view as we can see perfect characteristics of a pullback move after a breakout. We continue to remain upbeat and expect the Nifty to head towards the next junction of 10970 first and then to test 11150. On the flipside, 10840 followed by 10820 now becomes a key support zone."

Source : Equity Bulls

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