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Below is quote on Market Wrap Up - Global positivity leads to some rebound, broader market sulks by Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking

The global set up early morning was quite impressive and very much in line with this, our markets started the week on a pleasant note. However, we failed to hold these gains and without wasting much of a time, our markets not only erased all gains but also slipped slightly below 16400 in the opening hour. Fortunately, this dip was bought into and thereafter market managed to recover fair bit of ground. The volatility subsided post the mid session to witness range bound action throughout the second half. Eventually, the Nifty ended the session with nearly three tenths of a percent gains.

Today although there was favourable cues from the global peers, our markets did not show real intent post the opening. Once again the major culprit was the banking index which has been very reluctant to perform well of late. With today’s price action, we now have a defined range for the coming session i.e. 14400 – 14600.  Only a sustainable move outside the range would decide the immediate trend for the market. Let’s see how things pan out, because if we have to regain any kind of strength, the banking index need to lift its spirit. Apart from this, the broader market continues to sulk, which certainly does not bode well for the traders. As of now, it’s advisable to stay light and try to pick right proposition for momentum trading.

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