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Published on 29/06/2020 6:17:29 PM | Source: Angel Broking Ltd

Bulls defended 10200, overall some boredom in the market by Mr. Sameet Chavan, Angel Broking

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Below is the Quote On Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking)

“Last week towards the fag end, US markets looked a bit nervous and had seen some corrective moves to conclude around the lowest point of the week. We were supposed to react to this development and hence, since there was no positive trigger today morning, we started the session lower as indicated by the SGX Nifty. In the first half, our markets extended this weakness and went on to test the sub-10250 levels. Fortunately, the optimist traders latched on to this opportunity and pulled the market higher to minimise the damage.It seems that markets are unsure of its immediate direction and hence, we are seeing such directionless moves since last few days. Neither it has the strength to go pass recent hurdles nor the weakness to fall below key supports. Thus, we continue to remain hopeful as long as 10194 is not broken convincingly and a positive trigger in global or domestic front would take this market higher. For the coming session, 10250-10194 would be seen as a sacrosanct support; whereas on the flipside, 10400-10450 are the levels to watch out for.Today although the FMCG space has been the saviour, overall we witnessed muted activity in the broader market. Hence, nothing much to comment when it comes to sectoral movers.”