Only handful of heavyweights held Nifty higher: Angel Broking

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

"Since Friday, our markets continued their upward trajectory and in-line with this; we had a flat opening today in the absence of major Asian bourses. During the first half, index saw mild profit booking but thereafter, we had a gradual up move which was followed by a consolidation to eventually end the session with nominal gains. Today, although index closed in the positive territory, the market breadth was not at all good. Only handful of heavyweight constituents held the index higher.

Now, as far as index is concerned, there is no major change in the chart stricture. Hence, we reiterate that Friday's low of 10800 is likely to remain a sheet anchor and going ahead, a move beyond 10987 would unfold next leg of the rally. In this scenario; lot of recent beaten down counters would see sharp short covering moves. Do watch out for all these possibilities and should position accordingly.

'Pharmaceutical' space continues to experience severe selling pressure; whereas 'Auto' stocks are clearly in a roll since last three days. Apart from this, 'Titan' proves to be a 'Numero Uno' for so many investors as it continues its dream run and in the process, went on to clock fresh record highs with a mammoth intraday rally of 4%."

Source : Equity Bulls

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