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Below is quote on Some boredom in key indices by Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking Ltd 

We had a flat opening today on the back of muted cues from the global peers. In first couple of hours, Nifty had a small bout of profit booking after testing the 18100 mark. However there was no major damage done as Nifty stabilised immediately after sneaking below 18000. During the remaining part of the session, it remained in a slender range to eventually conclude the session with a negligible loss.

Yesterday’s wild swings on both sides was followed by a quiet session today; because there were lot of mixed moves within the heavyweight basket. However the real action was seen outside the index in some of the individual stocks. Since there was no major price movement in the benchmark, our view and levels more or less remains the same. We have been mentioning the levels of 18100 – 18200 (immediate resistances) in order to regain strength but if we take a close look at the broader picture, 18350 stands to be a crucial level which if gets surpassed, Nifty could see new highs thereafter. But till then one should continue with a ‘Sell on rise’ strategy. On the flipside, 17950 – 17850 are to be considered as key supports. Traders are still advised to stay light and even if one wants to focus on individual stocks, a proper money management is must to follow.

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