Some consolidation around 9300: Angel Broking

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

"Despite SGX Nifty indicating a sluggish start, our markets opened with a decent upside gap to kickstart the new trading week. However it turned out to be a formality and within first 15 minutes, the index eventually coupled with the SGX Nifty and other global bourses. During the remaining part of the day, index kept flirting with the positive and negative territory to conclude on a flat note.

Today, it was a day of consolidation as Nifty kept gyrating within the slender range of 100 points. Considering recent higher volatility, Nifty trading in a band of 100 points can be considered as a lethargic activity. Since there was no major activity today, the overall view and thereby levels remains unchanged. Till the time Nifty manages to hold the 9000 mark, the possibility of extending the relief rally remains intact. For the coming session, 9320 followed by 9400 can be seen as immediate hurdles; whereas on the flipside, the intraday support can be seen at 9200-9100 levels.

Although benchmark consolidated, there was good stock specific action seen throughout the day. Hence, traders are advised to keep following stock specific approach."

Source : Equity Bulls

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