Below is quote on Market Wrap Up - A sign of fatigue seen as Nifty is approaching key resistance by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking
Nifty started the day on a positive note and marked a new high of 17438. However, it failed to show a follow up move and gave up some of the gains to end below 17400.
Although we saw a new high in Nifty, the index traded within a narrow range throughout the day. In last few sessions, Nifty has traded within a range of 17250-17430 and as we approached the higher end of the range today, we saw signs of fatigue at higher levels. The stock specific momentum continued where better trading opportunities are seen for day traders. Until we see a clear breakout from the range of 17250-17450, we continue with our advice for traders to avoid aggressive trades in index and rather focus on stock specific ideas. In last few day’s, the banking index too has seen a sideways move and looking at the lower time frame chart, we expect a breakout soon on either side which could then lead to momentum in the benchmark as well. Hence, traders should keep a watch on the development there and we reiterate to have a thematic approach and be fussy in stock selection.
Above views are of the author and not of the website kindly read disclaimer