Below are Quote on Market Wrap Up - Market recovers after yesterday's hiccup by Mr. Ruchit Jain, Chief Analyst-Technical and Derivatives, Angel Broking Ltd
“Post the volatility ahead of the weekly expiry session on Wednesday, the indices showed some pullback in today’s session and managed to end the day tad below 15750 with gains of over 100 points.
Nifty started the day on a positive note and consolidated within a range with a positive bias. The index retraced the previous day’s losses and managed to end around 15750. The market breadth was again positive as the mid-cap and the small-cap space outperformed the benchmark. The support for Nifty is placed in 15600-15550 range while resistance is seen around 15800 mark. A breakout above 15800 would then result into a continuation of the uptrend towards 16000 and beyond while a breach below the mentioned support would apply brakes to the optimism. Thus, it would be interesting to see how the weekly close pans out tomorrow. Although, a lot of stock specific activity could be seen and hence, traders should look to focus on potential outperforming stocks from a near term perspective.”
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