Unprecedented fall in Crude triggers sell off: Angel Broking

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

"We had a muted session yesterday but overnight there was unprecedented fall seen in Crude oil prices which spooked traders' fraternity across the globe. As a result, our markets opened with more than 200 points downside gap and then kept sinking to test the 8900 mark. Due to some mild recovery towards the fag end, the Nifty eventually closed tad below 9000 by shedding three percent as compared to the previous close.

If things had not worsened with respect to Crude last night, 9100 would have acted as a support. But today we opened well below it and then continued the sell Off. Going ahead, 8900 - 8820 would be seen as a crucial support zone; whereas on the upside, 9044 followed by 9100 is likely to act as immediate hurdles. Only a sustainable move outside the range of 8820-9100 would trigger the directional move.

At present, traders are advised to stay light and should continue focusing on individual themes. Today, once again after a brief pause, Pharma stocks kept buzzing and hence, one can look to accumulate marquee names within this space."

Source : Equity Bulls

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