Correction in global markets led to some choppiness: Angel Broking

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

"Our markets started trading for the session on a flat note and inched higher towards the 10300 mark. However, post noon the index took a turn and it corrected for rest of the session to end the day tad below 10050, marking a loss of over a percent.

Till noon, the markets were doing well as both Nifty as well as the Bank Nifty witnessed good momentum. However, the U.S. futures and the European markets corrected sharply and our markets too followed the global cues for the rest of the session which resulted in a sharp correction. In last couple of sessions, Nifty has resisted around the '200 SMA' on the weekly charts. Although, there are no signs of trend reversal and thus such in between corrections after a sharp run up keeps the market sentiment to equilibrium. Since there is no major change in the chart structure, we would read this a corrective move within a short term uptrend and hence, such dips usually provide good entry points at lower levels. The immediate support for Nifty are placed around 9985 followed by 9900. Traders are advised to focus on stock specific moves and look for buying opportunities on dips near the mentioned support. The intraday resistance for the index are seen around 10220 and 10350."

Source : Equity Bulls

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