Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"After four days of holiday, our markets kick-started the week with a gap up opening and reclaimed the 10200 mark in the initial trade; recovering all losses from Muhurat trading day. However, once again a bout of profit booking at higher levels dragged the index lower to retest previous day's low of 10123.55. Eventually, the Nifty managed to end on a positive note; courtesy to smart buying in the latter half of the day.
Post the festival week, it seems that markets are still in a holiday mood and hence, we witnessed a bit of lackluster movement throughout the day. At least for the current expiry, we expect the index to gyrate within the range of 10250 - 10100 and any sustainable move in either direction would trigger some momentum. Having said that the kind of stock specific movement we saw today is quite encouraging. Hence, one has to keep focusing on individual stocks that are offering better trading opportunities."