IGI Logo

Below are Quote on Market Wrap Up - Good start for the August month; Nifty ends around 15900 by Mr. Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking

Nifty started the August month with a gap up of over 100 points as indicated by the SGX Nifty. However, the index then consolidated within a range throughout the day and ended tad below the 15900 mark

It was a day of consolidation post the gap up opening, but the market held on to the gains seen at opening and stock specific action was seen throughout the day. Recently, we have seen that as the index approaches 15900-15970, we see some cool-off from those levels. It would be interesting to see how index behaves in the next couple of sessions as we are back to the resistance end. A move above the above mentioned range could lead to some momentum on the higher side. On the flipside, 15830 and 15790 are seen as the intraday supports. Traders are advised to continue to focus on stock specific trades and avoid aggressive overnight trades.

Most of the sectoral indices ended in green today which is a good sign. The Realty index was buzzing from opening and outperformed other indices throughout the day. Traders should focus on such themes/sectors which are buzzing and look for stocks from such sectors from a trading perspective.

Above views are of the author and not of the website kindly read disclaimer