Once again last hour selling drags Nifty lower : Angel Broking

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

"Nifty started the day marginally positive, but it consolidated in a range for most part of the day. However, we saw some sell-off in that last hour of the trade and Nifty ended the session with a loss of over half a percent.

It was a day of consolidation for our markets wherein Nifty traded within a narrow range for most part of the day. But clearly, as the index is approaching the 15900 mark, it is again witnessing lack of strength to surpass that. The index continues to trade within a range which seems to be a time-wise correction phase. The immediate support for Nifty is placed around 15600 while 15800-15820 would be resistance for the coming session. Since the index is consolidating within a range, a breakout beyond the broad range of 15500-15900 would be the deciding factor for the next leg of directional move. Whether the expiry day leads to a breakout that needs to be seen, but till then we continue to advise traders to trade with a stock specific approach.

As mentioned in our previous article, the banking index could play a pivotal role in the next directional move for the market. Hence, it is advisable to keep a close tab on this space for any early signs of momentum on the expiry day."

Source : Equity Bulls

Keywords