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Below are Views On Weekly expiry ends above 15150, indices stuck in a range By Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking

Now a days it’s very common to have a gap up opening in our market and today too, we started with more than half a percent gains around 15200. In the first half, index cooled off a bit to fill the entire opening gap. However, post the mid-session, the buying once again resumed at lower levels to conclude the weekly expiry convincingly above the 15200 mark.

The overall undertone has been bullish; but the momentum is clearly lacking in all key indices. As far as levels are concerned, 12220 – 12275 are to be seen as immediate hurdles. If index has to gain any momentum in the upward direction, it is possible only after surpassing the above mentioned resistance zone. On the flipside, 15100 – 14925 are the levels to watch out for. With a near term view, we still remain a bit sceptical and hence, advise traders to avoid aggressive bets even if Nifty manages to breakout on the higher side. Despite indices are stuck in a range, the individual stocks are still providing better trading opportunities but going ahead, one needs to be very selective in stock picking as well.

In our sense, the overall intraday range has shrunk considerably and hence, very soon we are likely to see a breakout on either side from this consolidation phase. Sectorally, IT and Auto space kept buzzing throughout the day; whereas the banking had a muted session after yesterday’s outperforming moves. Also, the broader end of the spectrum saw some bounce back after undergoing some profit booking in last couple of sessions.”

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