Weekly expiry ends at 9200 with no action: Angel Broking

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

"Today morning, our markets opened flat and then immediately fell in-line with SGX Nifty. During the initial hour, we saw some marginal recovery, but this rebound immediately got sold into. During the remaining part, the Nifty consolidated in a slender range to conclude the weekly expiry precisely at 9200.

Today, it was very much unlike a weekly expiry day as there was no real action during the day. And hence, when there is no major movement on a particular day (especially on expiry), it becomes a nightmare for traders. Since we didn't have any notable move today, the chart structure remains as it is and hence, there is no change in intraday levels mentioned in the previous article. We remain hopeful as long as a key support zone of 9100-8900 is not violated. On the upside, intraday resistances are seen at 9277 followed by 9350. A sustainable move beyond this would trigger a good upmove to test the sturdy wall of 9450 - 9550.

Although, it was a terrible day for index traders, there was good amount of action seen in some of the individual stocks. Thus, traders can look to find trading opportunities in such potential movers."

Source : Equity Bulls

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