Below are Quote on Market started with an upside gap on Monday at new record high by Mr. Sameet Chavan Chief Analyst-Technical and Derivatives, Angel Broking Ltd
“During the last week, market started with an upside gap on Monday at new record high. However, since there was follow up buying missing in the heavyweight constituents, the Nifty kept descending 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 a percent. The similar trend continued for the following sessions and in the process, Nifty went on to test sub-15700 levels. Fortunately on Friday, there was some buying observed at lower levels, which resulted in defending the key support of 15650 successfully.
It was probably the dullest week in last fifteen months our markets have experienced. There have been many instances where key indices undergo some sort of consolidation and trades in a slender range, but mostly in such times, the action continues in individual themes and there are ample of opportunities available in the market to keep the traders engrossed. Barring Friday, stock specific moves were also missing throughout the week which was frustrating for momentum traders. Now as far as levels are concerned, we managed to hold crucial support of 15650. As long as 15650 – 15450 are being held, the bulls have no reason to worry for. On the upside, reaching the new milestone of 16000 has become challenging and the market clearly seem to be waiting for some sort of trigger to reach there. Before this, 15800 followed by 15900 are to be seen as immediate hurdles.
With Friday’s some positivity, the hopes have certainly built for benchmark index to head higher towards the millstone in this week. But we reiterate, if that has to happen, the banking space certainly needs to come out of its slumber phase. Let’s see how things pan out going ahead and till then it’s better to keep a close tab of all the mentioned levels.”
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