Below is quote on Market Wrap Up - Global nervousness once again restricts the upside by Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking Ltd
The recent trend continues as we once again had rough global cues to start the expiry week on a negative note. At the pre-opening, levels indicated flat start but immediately in few initial trades, Nifty was slightly below 15800. Fortunately there was no further aberration seen in our markets as we saw a range bound action thereafter to conclude the session with a negligible loss.
The global markets are continuously turning to be a spoilsport. Every time when Nifty is about to move towards 16000, the nervousness across the globe restricts the upside. Fortunately unlike previous Monday, our market showed tremendous resilience today and refused to correct to the tune of other peers. We hope to have some relief in other markets, which may help our markets come out of the congestion zone. For the coming session, 15900 remains to be sturdy wall and only a sustainable move beyond this would push the index towards the new milestone. On the flipside, 15800 followed by 15720 are to be treated as strong supports.
Although the heavyweights had a sluggish day today, the broader market was doing exceedingly well. One needs to keep focusing on such potential movers and trade with proper risk management. Also we reiterate that we are trading in a range and till the time we do not surpass the higher boundary, it’s better not to carry aggressive leveraged positions overnight.
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