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Below are Quote on Market Wrap Up - Struggle continues for 16000, global sell off became spoilsport by Mr. Sameet Chavan Chief Analyst-Technical and Derivatives, Angel Broking Ltd 

Previous Friday’s tail end recovery was followed by a gap up opening on Monday to kick-start the new trading week. We clearly shrugged off mixed global cues early in the morning and traded firmly post the opening as well. Although we did not add significant gains after the opening hour, the Nifty maintained its positive posture throughout the session to close tad below the 15850 mark. Throughout the first half of the week, our markets traded positively to once again challenge the all-time high. However on the weekly expiry day, markets had a rough day which was mainly on the back of the negative development across the globe. Fortunately, the fall got arrested in the vicinity of the support zone to eventually conclude the week tad below 15700.

In last month or so, we have seen multiple attempts to reach the millstone of 16000; but markets are clearly struggling as something or other appears from nowhere to dampen the sentiments. The way we closed on Wednesday, we were all set to see the magical figure; but global sell off became the spoilsport on this occasion. Fortunately there was no follow through to this selling momentum as we saw Nifty stabilising after entering the key support zone of 15650 – 15600. Honestly when market fails to surpass a specific level after the multiple attempts, it is considered as an ominous sign. But fortunately there has not been any brutal correction seen so far, which bodes well for the bulls. After last two days’ of price action, our confidence of predicting Nifty towards 16000 or beyond in the ongoing leg has certainly shaken a bit; but we would still remain hopeful as long as Nifty holds a strong support zone of 15600 – 15450. If these levels are violated then one should get prepared for a decent short term correction in the market. Until then better to trade with a positive bias.

During the first half, 15750 – 15800 are the levels to watch out for and the first of sign of strength would come only after reclaiming 15800 on a closing basis. We reiterate that, if this has to happen, the banking continues to be the key factor as it’s trading around its crucial support area. Traders are advised to remain light and stick to stock centric approach by following strict stop losses. Also, it’s important to keep a close eye on the global developments as well which is likely to set the tone for the forthcoming week.  

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