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Below are Views On Nifty starts the week with a roller coaster move By Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking)

“Post the sharp sell off on Friday, our markets started the day on a flat note above the 15000 mark. However, we saw selling pressure right from the word go and Nifty corrected sharply to breach 14750 level during the day. The banking index was reeling under pressure and it seemed that bears have complete control today. However, the index started recovering gradually in the last couple of hours and managed to trim much of the intraday losses and end  well above 14900.

We had a roller coaster move at the start of the week as the index corrected for most part of the day and then it recovered in last couple of hours to recoup most of the intraday losses. Nifty registered its all-time high a month ago and since then our market is going through a corrective phase. Trading in this corrective phase has been difficult as the market has witnessed volatile moves on both the sides of the trade. As of now, there are no signs to the end of this corrective phase and hence, we could continue to see such volatility in the near term. Traders are advised to avoid getting carried away and rather look for stock specific opportunities on both sides. As far as levels are concerned, the immediate support for the Nifty is placed around 14700 while resistance is seen around 15050.”

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