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Some tentativeness around 11600 - 11650: Angel Broking

Posted On: 2020-09-18 21:34:41


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

"In the previous week, our markets managed to defend the key support around 11250-11200 and had some recovery towards the fag end. In continuation with this, we started the week on a positive note. Subsequently, Nifty continued its upwards trajectory but there was no real momentum in the market. Slowly and steadily Nifty went slightly beyond the 11600 mark. However, the last couple of sessions were a bit volatile and had some downward intraday swings to eventually conclude the week with negligible gains.

During the first half, we participated in an upward move but towards the fag end, we once again turned a bit cautious as we still believe that Nifty doesn't have enough strength to go pass the sturdy wall of 11650-11700 soon. We must either go through some time wise or price wise correction before heading towards the 12000 mark. To add to this opinion, we observed a 'Bearish Wolfe' pattern on the hourly chart at the end of the Wednesday's session. The said pattern proved its worth as we witnessed some hiccups towards the latter part. Since, the overall undertone is strongly bullish, as of now there are no signs of complete sell off, rather it can be interpreted as a small profit taking within the consolidation. For the coming week, 11600-11650-11700 remains to be a cluster of resistance; whereas on the lower side, 11450-11380 are to be seen as crucial supports. Any aggravation below these points would result in an extended correction in our market.

In the last three weeks, we had a couple of reality checks which we believe to be seen in-between the moves going forward. Hence, one needs to remain cautious and should ideally avoid aggressive bets overnight. Banking space continues to be a spoilsport and in fact, Friday's correction was solely led by banking stocks as the Bank Nifty slipped below the key support of 22000 during the session. Hence, one needs to keep a close track on how this heavyweight space behaves in the first half. Despite all this, we must accept that it was a week of various individual themes and stocks. IT had a great move in the initial part and the latter half was completely dominated by the mesmerizing move in the Pharmaceutical universe. The way some of the stocks within this space just took off, it was remarkable. One can still look to participate in such potential movers; but should adopt a proper risk management strategy."


Source: Equity Bulls

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