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Below are Views On Last hour profit booking snaps morning gains By Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking)

“Nifty started the day marginally positive and crept higher to surpass 15250 level. However, we witnessed some profit booking in the last hour of the day due to which Nifty gave up its intraday gains and ended the day on a flat note.

The markets continued its positive momentum in the first hour of the trade today. However, as the day progressed, the stock specific momentum witnessed some sluggishness which resulted in profit booking at the end. The Nifty has resistance in the range of 15250-15300 while the Banking index too is facing some resistance around 36500 mark since last three sessions. Thus, it is necessary to surpass these respective levels for a continuation of the up move. However, since we have seen a sharp run up post budget without any correction, some consolidation or a correction would be healthy to set up the next leg of upmove. Today’s low around 15060 is around the hourly ‘20 EMA’ which is an important short term support. In case the index breaches this, then some more correction upto 14870-14900 cannot be ruled out. On the flipside, a move above the mentioned range of 14250-14300 would mean a continuation of the trend. Although the broader trend continues to be positive, it would be prudent to book timely profit and look for buying opportunities in stocks again on dips. It is advisable to avoid aggressive positions and take a stock specific approach with a tab on the above mentioned levels.”

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