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Below are Views On Weakness continues on weekly expiry, ends around 15100 By Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking)

“We had a flat opening despite some sluggish cues from the major Asian bourses. The benchmark consolidated with a positive bias during the first half. However, the selling not only occurred post mid-session; but also aggravated to test the sub-15100 level. Fortunately, the damage was not done further as market managed to stabilise in the concluding hour to defend the psychological mark of 15100 on a weekly expiry close.

Since last three days market has been experiencing some pressure at higher levels and this is what we have been alluding to in our previous commentaries. In the morning session, Nifty made a move towards the mentioned resistance zone of 15245 – 15315. Since the move was lacking strength, the selling started after testing the lower range of 15245, which eventually resulted in a decent intraday profit booking. Now, although market looks a bit tentative, it is nowhere close to the trend reversal or sell-off. Rather it needs to be construed as a minor profit booking only. For the coming session, 15050 – 15000 are the levels to watch out for and the first sign of weakness would start only after convincingly breaching the 15000 mark. On the flipside, 15175 – 12250 is to be seen as immediate hurdles.

Today, most of the pockets remained under pressure throughout the session; but the PSU space seems to be on a roll. After a long period of underperformance, we are seeing signs of revival in these names as the recent mesmerizing rally still continues despite the broader market sulking a bit.”

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