Below are Quote on Market Wrap Up - Markets remain lacklustre, weekly expiry ends tad below 15700 by Mr. Sameet Chavan Chief Analyst-Technical and Derivatives, Angel Broking Ltd
For the second straight session, we started the proceedings marginally higher as indicated by the SGX Nifty. However, the buying interest is still missing and as a result, markets are finding it extremely difficult to sustain at higher levels. Barring one attempt of recovery at the mid-session, the index remained under a bit of pressure throughout the session. However the damage is not big though and hence, the weekly expiry ended tad below 15700 with nominal losses.
Throughout this week, the intraday price action was quite identical where we see index sliding from the opening point and closing almost at the lowest point of the day. As a momentum trader, one needs volatility in the market and if not volatility then a good stock specific action at least. Since last few days, both these important factors are missing and this consolidation in a slender range is really frustrating traders now. In such times, it’s better not to trade aggressively and more importantly, avoiding compulsive trades is the key here. As far as levels are concerned, Nifty is very close to its crucial support i.e. 15650. If any recovery has to happen, it’s the best place for bulls to take the charge. If we do not sustain here, we may see weakness persisting to test 15550 – 15450 levels. On the higher side, 15750 followed by 15850 are to be seen as immediate hurdles.
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