The wait continues for 11000, banking again becomes a culprit: Angel Broking

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

"We started the new trading week with a decent upside gap, owing to favorable global cues. However, the index failed to extend the lead from thereon; in fact we witnessed a good amount of profit booking throughout the remaining part of the day to eventually conclude the session nearly 100 points off morning's high. Fortunately in the midst of this, NIfty managed to close in the green tad above the 10800 mark.

Today morning, the global set up was ideal to help NIfty surpass the barrier of 200-SMA. In fact, a headstart in Reliance was adding fuel to the overall strength along with the IT space. But despite all this, the Nifty struggled around 10900, which resulted in a decent profit booking. The major culprit for this intraday weakness was the sheer underperformance of the banking conglomerates. If we have to take out any positives from today's move, the only thing that comes to our mind is the closing of Nifty above 10800. For the coming session, 10900 becomes the immediate resistance; whereas 10750 followed by 10670 would be seen as intraday supports.

As far as sectoral movers are concerned, the Metal, Cement and IT stocks displayed strength along with the gravity defying move in Reliance. The only concerning factor is the banking space and this continues to be a key factor in the next few days."

Source : Equity Bulls

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