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Below are Quote on Nifty started with a gap down of more than 150 points by Mr. Sameet Chavan Chief Analyst-Technical and Derivatives, Angel Broking Ltd 

“The U.S. markets ended with deep cuts on Friday and the Asian bourses too were trading in red ahead of our market opening. In line with the global cues, the SGX Nifty hinted at a negative opening and hence, Nifty started with a gap down of more than 150 points. However, indices recovered gradually throughout the day and ended the day with gains of four-tenths of a percent around 15750.

Our markets recovered from the lows in Friday’ session, which led to some optimism amongst market participants. However, the global sell-off resulted in a gap down opening to start the week on a negative note. But again, the bulls were just not ready to give up and hence, a smart recovery led to a positive close. Post the recent all-time high posted on 15th June, the indices have entered a corrective phase and in the last couple of sessions, some buying interest has again been witnessed around 15500-15450 range. Many of the beaten down stocks during last week recovered from the lows which led to a positive market breadth. The banking space too saw some interest yesterday after the recent underperformance. Now, the support base is around 15500-15450 range while 15800 and 15880 are the immediate resistances.

Going ahead, it would be crucial to see the follow up moves in both Nifty as well as Bank Nifty in the next couple of sessions which could lead to the short term direction. Traders are advised to focus on stock specific momentum and avoid aggressive overnight positions.”

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