Index consolidating but 'Pharma' continues to buzz: Angel Broking
Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"The week kick started slightly higher owing to positive cues from the global peers. However, within first half an hour, index pared down its opening gains to sneak below the 11900 mark. During the remaining part of the session, index consolidated in a slender range of 30 points and spent most of its time inside the negative territory. Eventually, the lacklustre day of trade concluded with negligible losses.
Indices are clearly experiencing a time-wise correction and despite banking index having a head start, the momentum did not last too long. Since the overall intraday range was small, the chart structure in recent consolidation does not change at all. On the higher side, Nifty is facing a sturdy wall at 11950 and on the lower side, 11802 - 11750 are seen as intraday as well as near term supports. For the coming session, traders need to keep a tab on above mentioned levels; but with a positional view, our bias still remains bullish and we advise traders to create longs in any such intraday declines. We reiterate that it's a matter of time, we would see index traversing this intermediate barrier of 11950 to head towards all-time highs.
Although, indices are consolidating with no major momentum, bundle of individual stocks did extremely well for themselves. The Pharma space was clearly on a roll, especially some beaten down mid-cap names. Also, some of the marquee names from the Metal pack had shown good traction. We expect such individual themes to play out well during the remaining part of the week as well."