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Below are Views On Nifty defends 15100 amidst intraday volatility By Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking)

“Nifty started the day on a flat note, but corrected in the first hour of the trade to mark a low tad above the 15000 mark. We witnessed some pullback before noon towards 15125 but again some profit booking emerged and the index sneaked below the 15000 level. But it was not over yet, we again saw a recovery at the end and the index managed to recover the losses and end this roller coaster day on a flat note.

Although the indices traded within a range today, we saw a tug-of-war between the bulls and the bears and at the end, the Nifty managed to recover its intraday losses. The overall chart structure still remains positive but such bouts of profit booking was much expected after the recent run up. Now, 15000-14975 is seen as an immediate support range for Nifty while resistance is seen around 15260. Below this mentioned support, 23.6% retracement of the recent upmove would be the next support which comes around 14860. While day traders would have to look for opportunities on both the sides of the trade, positional traders should keep a buy-on-dip approach and look for buying opportunities on declines. It is advisable to avoid aggressive trades and prefer stock specific approach till we consolidate within this range.”

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