Make or break levels around 11700 - 11660: Angel Broking

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

"We had a flat to positive start today despite nervous global cues. In the initial trades, Nifty went higher and reclaimed 11900; but all of a sudden from nowhere, the selling augmented in our market, which was the rub off effect of the sell off in European as well as Dow futures. In fact, post the mid session, markets literally had a nosedive to test the 11700 mark.

Market is clearly directionless as we can see one day up one day down since the last three days. This can be very painful for positional traders and even sometimes momentum traders can also find it a bit difficult to cope with such sudden swings. It seems that things are going to be extremely difficult for the next few days, till the time coronavirus worries (in Europe) do not fade out and the US presidential election is over. Ideally, it's advisable to stay light and keep a regular tab of key levels.

After yesterday's smart recovery we are back to the make or break zone of 11700 - 11660. We reiterate that one should remain hopeful as long as these supports are defended; but in case if things worsen on the global front, a sustainable move below this would lead to some short term correction. On the flipside, 11800 followed by 11900 is likely to be seen as intraday hurdles."

Source : Equity Bulls

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