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Below are Quote on Market Wrap Up - Tail end profit booking erases all gains in Nifty by Mr. Sameet Chavan Chief Analyst-Technical and Derivatives, Angel Broking Ltd 

Our markets started the day on a flat note as there was no major trigger from the global peers. Subsequently, the buying momentum accelerated in some of the financial stocks, which pushed the index higher towards closer to the record high. There were couple of attempts made post the mid-session to register a new high; but this again failed as we saw a complete nosedive at the stroke of the penultimate hour. This sudden profit booking pared down all gains to conclude the session with nominal gains.  

Today, the kind of lead our markets took in the first half (courtesy to heavyweight financial stocks), the set up was ideal to post a new high. Nobody knows why market suddenly becomes so nervous when it enters the 15900 zone. In the process, the daily candle of Nifty forms a small body which is a sign of uncertainty. But fortunately the heavyweight banking space still holds its positive posture and this certainly bodes well for the bulls. Going ahead, this basket remains to be a decider and we reiterate if Nifty has to reach the millstone of 16000, we need to have follow up buying in banking constituents.

As far as levels are concerned for Nifty, 15750 – 15700 is to be seen as a key support zone and on the higher side, 15900 remains a sturdy wall. Since last few days, individual themes have again started to perform well and hence, traders are advised to stick to stock centric approach; but at the same time, avoid being complacent.

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