Below are Quote on Market Wrap Up - Lacklustre day despite Nifty marking new high by Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking Ltd
“Trading for the week started with an upside gap at new record high. However, since there was follow up buying missing in the heavyweight constituents, the Nifty kept correcting gradually after registering a high of 15915.65 in the opening trade. For the major part of the day, index consolidated with a mild negative bias to eventually conclude tad above the 15800 mark by shedding nearly three tenths of percent.
Looking at the cheerful mood across the globe early in the morning, our market did not live up to their expectations post the opening. Since it was a quiet session, there is nothing much to comment on the technical front. For the coming session, today’s high would be seen as an immediate hurdle; whereas only a convincing move in few heavyweights would push the index towards its magical figure of 16000. Till then the long wait continues. As far as supports are concerned, 15750 – 15700 remains to be a key zone. Generally when key indices gives dull movement, we have the tendency to look for trading opportunities in individual stocks. But since last 2 – 3 sessions, we are unable to find such potential movers in the broader market as well and hence, it would be interesting to see how things pan out in the forthcoming session.”
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