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Below are Quote on Market Wrap Up - Bank Nifty continues to disappoint; IT pulls market higher by Mr. Ruchit Jain, Chief Analyst-Technical and Derivatives, Angel Broking Ltd 

“Nifty started the session marginally positive, but it corrected from the opening level and entered sub 15700 in the first hour of the trade. However, the index, then recovered from its lows and ended the day marginally in the red around 15740.

The index is trading around its resistance of 15770-15800 which we had mentioned about in yesterday's market outlook. Nifty corrected initially led by the banking space but once again, the ‘20 EMA’ on the hourly chart provided support to the index and it recovered gradually from that support. The market breadth continued to remain positive, however, a lot of sector rotation was seen today since the banking space took a backseat. The defensive sectors witnessed buying interest with IT leading the momentum in the morning trade, then some FMCG stock witnessed interest and at the end, the Pharma stocks made a comeback. This indicates that while the uptrend continues, some time correction/consolidation at the crucial juncture is seen and the momentum seems to be shifting to the above mentioned sectors. As far as levels are concerned, the immediate supports are placed around 15670 and 15600 while resistance is seen in the range of 15770-15800. A move above 15800 would then lead to a resumption of momentum in the index towards 16000.

Looking at the change of momentum between the sectors, traders are advised to focus on stock specific trades from the mentioned sectors where we could see some relative out performance in the next couple of sessions.”

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