Below are Quote on Market Wrap Up - Financial space disappoints again, 15700 – 15650 crucial support for Nifty by Mr. Sameet Chavan Chief Analyst-Technical and Derivatives, Angel Broking Ltd
Our markets opened slightly higher today as indicated by the SGX Nifty. During the first half, Nifty continued its northward march to surpass the 15800 comfortably. However the weaker banking space dragged the benchmark index lower once again and as a result, Nifty kept sliding in the latter half to not only erase all gains but also concluded marginally in the red.
It was yet another dull session for our markets and the financial space once again disappoints. After a significant rally we tend to see such consolidation in key indices, but generally the action continues in individual themes. This time, the stock specific action is also missing and that has been the real frustration for traders. For the coming session, 15700 – 15650 is to be seen as crucial support zone. If any recovery has to happen on the weekly expiry session, it should come from the mentioned supports only and for this, the banking index needs to contribute significantly. On the flipside, the immediate hurdle remains at 15800 – 15900.
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