Monthly expiry ends tad below 15100 : Angel Broking

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

"Yesterday's all drama eventually ended by providing wider smile on investors' face as we saw complete gush in the truncated session. Undoubtedly, the banking space fuelled this tail end surge, resulted in Nifty hastening towards 15000 before anyone could realise. Adding to this, the global bourses had a wonderful session last night and early this morning too, which led our markets to have a good head start to the expiry session. However, barring the initial up move, there was no follow up buying seen in the benchmark. In fact, due to modest profit booking in the banking space, the Nifty ended the session tad below 15100 by trimming off some portion of gains.

The kind of sharp up move we witnessed in the extended session yesterday, the gap up was very much on cards. However as we had highlighted, 15220 remains to be a sturdy wall and till the time Nifty doesn't cross it convincingly, we are likely to see some tentativeness in the market. On the lower side, 15000 - 14900 are the levels to watch out for. So to sum it up, we are seeing an immediate range of 14900 - 15200 and any breakout on either side would dictate the immediate direction. Today it was clearly the day for individual themes and some of the PSU stocks are completely on a roll. So it's important to identify the right themes and potential movers within the same.

The banking stocks provided impetus in yesterday's smart recovery; but they looked a bit tentative throughout the session today. The way it's poised, it would be interesting to see how this space behaves in the coming sessions; because the trended move is mainly depended on it."

Source : Equity Bulls

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