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Nifty snaps six-week winning streak, still 11000 defended successfully: Angel Broking

Posted On: 2020-08-01 22:08:31


Weekly Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):

"This week, the market started the proceedings on a sluggish note in the absence of any trigger on the domestic as well as global front. On the following day, we witnessed a good broad-based rally to mark fresh 4-months high beyond the 11300 mark. However, the way things looked at the end of Tuesday's session, it just turned out to be an illusion in the remaining part of the week. Although there were a couple of attempts made around 11300, the market was unable to display the strength in a similar fashion. As a result, we witnessed some profit taking in the latter part of the week to conclude around the lower end of the weekly range.

Market finally snapped its six-week winning streak due to some weakness around 11300. However, the damage is not big and hence, as of now should only be interpreted as a profit booking after a relentless rally. Towards the end of the week, we were seeing 11050 as a key support; but the way markets behaved on Friday around it, this does not appear to be an important support. Hence, we would rather extend the range slightly on downside and would observe key supports around 10950-10870 for the forthcoming week. In case if profit booking extends towards these mentioned levels, it should still be considered as a corrective move and not the actual trend reversal. In our sense, the actual weakness would start only if Nifty sustains below 10870 and hence, till then one should continue with a stock specific positive bias. However, on the flipside, 11300-11350 has also become a strong ceiling and the fresh leg of the rally would only unfold above this. Till then traders are advised to remain light within a slightly bigger range of 10870 - 11350.

For the early part of the week, 11200-11250 should be considered as an immediate resistance zone. The banking space has been the weakest link and the way it's placed, the directional move in benchmark would mainly be triggered by the banking stocks only. Hence, all eyes would be on it. Apart from this, the entire Pharma space has been once again on a roll after a brief pause and there were some other sectoral movers also, that kept buzzing and bucking the trend. So, the pragmatic approach would be to focus on individual stocks till the time market remains in the above-mentioned range."


Source: Equity Bulls

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