Some jitters as we move above 11500: Angel Broking
Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"Yesterday's smart rally was followed by a decent bump up at the opening today. Throughout the first half, index consolidated well above the 11500 mark; however, post the midsession, there was sudden nosedive seen across the board. The selling pressure was so intense; a valiant attempt to reclaim 11500 got sold into. Eventually, a volatile day ahead of the derivatives expiry ended with a cut of three tenths of a percent.
In the initial trade, our benchmark index along with the Bank Nifty was all set to have similar kind of session as we witnessed on Tuesday. But, market is always superior and hence, the moment most of the traders became gung ho of the trend, it showed its supremacy. Now, as far as direction is concerned, there is still no reason to worry for. We continue with our optimistic stance and sooner or later, expect the index to head towards its record high. For the coming session, 11500 followed by 11546 has become a sturdy wall now and on the flipside, we do not expect the Nifty to breach and sustain below the sacrosanct level of 11400. The pragmatic approach for the expiry day would be to keep a close eye on above mentioned levels and one should keep following stock specific moves.
Today, in the initial hour, bank nifty as well as midcap index were on a roll; but we saw this exuberance getting fizzled out in the latter half. Nevertheless, the undertone still remains bullish and we expect the outperformance to continue from both these pockets in days to come."