Nifty retraces some of the recent gains, seems a good buying opportunity: Angel Broking

Market Wrap-up by Mr. Ruchit Jain (Equity Technical Analyst, Angel Broking):

"The benchmark indices opened on a negative note ahead of the F&O expiry of August series. The Nifty witnessed selling pressure and registered low of 10922 as some of the heavyweights were seen under pressure. The last couple of hours witnessed significant volatility as the index recovered the losses to retest the morning highs and then again corrected in the last hour to end the session with a loss of about 100 points.

During this week, the index has seen high volatility wherein initially the index recovered sharply from the recent swing low, and has now given up some of these gains in last couple of sessions. However, if we look at the short term charts, it seems that the Nifty has completed its corrective phase during last week and after rallying about 500 points from the low in just three sessions, the index is showing a pullback move. The retracement supports of this recent upmove are placed around 10890 and 10830. Thus, this correction of last couple of sessions seems to be a good opportunity to buy stocks for a short term perspective. Traders are advised to focus on stock specific approach and look for potential candidates which could provide good returns in next leg of upmove. The immediate resistance for Nifty is seen around 11080-11140 which we believe would be surpassed soon."

Source : Equity Bulls

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