Nifty ends lower due to tail end fall: Angel Broking
Market Wrap-up by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking):
"Nifty started the session marginally positive today and attempted a pullback move with the support of IT heavyweights. However, the bears took the charge in the later half of the day and the index corrected sharply in the last hour to end with a loss of one-third of a percent.
Today's move can be divided into two-halves, in the first half the index made a pullback move majorly supported by the heavyweights from the IT basket, however, the pullback got arrested tad below the intraday resistance of 11450 and the index then corrected sharply in the later half with the broader markets taking a knock. As mentioned yesterday, our market is undergoing a corrective phase where traders need to be agile and look for opportunities on both the sides of the trade. For the near term, 11250 is the immediate support for the Nifty and if index breaks that, then it could drag towards the next support around 11133 which is the potential reversal zone (PRZ) of AB=CD harmonic pattern. On the flipside, 11450 continues to be the immediate resistance to watch out for.
From a trading perspective, we continue with our advise for traders to avoid aggressive bets for the time being and trade with a proper risk management strategy."