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Below are Quote on Weekly Market Wrap Up – Benchmark remains quiet, broader market continue to roar by Mr. Sameet Chavan Chief Analyst-Technical and Derivatives, Angel Broking Ltd 

“We had a flat start to the week on Monday and in fact, in the initial trade, there was some mild negativity seen in the market. But similar to the recent trend, the market absorbed the pressure and then resumed its upward momentum, once again led by the giant RELIANCE. As the day progressed, the buying momentum continued to first reach the new milestone of 15500 and in the final hour 15600 became the reality as well. Eventually, the Nifty ended the session with nearly a percent gains. After a brief pause on the subsequent day, the Nifty continued its northward march to hit fresh record highs beyond 15700 during the latter half of the week to conclude with one and half a percent gains.
 
The kind of price action we have been witnessing since few days, the commentary would sound a bit repetitive because there is nothing different to talk about. As we have been mentioning, every 100 points upside level should be treated as an immediate resistance and now this level comes at 15800. Ideally considering the Fibonacci ratios, we do not see any major hurdle before 16000 and hence, even if this has to be met in the near term, the move would continue to be slow and steady in nature. One of the favourable factors is the significant drop in INDIA VIX which is back to the pre-COVID levels; bodes well for the bulls. On the flipside, 15600 – 15525 – 15450 are to be seen as key support levels.  Only a handful of index heavyweights are giving some notable moves, otherwise the real action still continues in the broader end of the spectrum. Stocks from the cash segment are literally roaring and thus it’s advisable to stick to this approach.
 
We reiterate, when market moves in such typical manner, it’s better not to get complacent and one should take one step at a time. Also, it would be a prudent strategy to avoid aggressive leveraged bets (especially overnight) because any in between hiccup may spoil your short term trading journey.”

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