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Market snaps weekly winning streak, ends below 15000 : Angel Broking

Posted On: 2021-02-19 21:51:15 (Time Zone: Arizona, USA)


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

"After a brief pause in the previous week, our markets resumed their upward momentum on Monday on the back of global optimism and encouraging macro numbers. The upward move continued on the following day as well to clock fresh record high of 15431.75. However, at higher levels, most of the heavyweight counters started experiencing some profit booking, which extended as the week progressed. In this process, the Nifty eventually sneaked below the psychological mark of 15000 on Friday to snap the weekly winning streak.

For the major part of the week, the market has been experiencing some pressure at higher levels and this is what we have been alluding to in our intra-week commentaries. Technically speaking, this week's high precisely coincided around the crucial resistance zone of 15380 - 15500 (which is the 161% 'Golden Ratio' of the entire fall from Jan'20 highs to March'20 lows). Hence, some sort of pause around it was quite evident. Although, market has come off a bit in last three sessions, structurally there is no major damage done on the charts. It should merely be considered as a profit booking as of now. Going ahead, we need to keep a close eye on how Nifty behaves around its key support zone of 14750 - 14550. Only a sustainable breach of these crucial levels should be considered as a short term trend reversal. On the flipside, 15100 - 15200 would be seen as immediate hurdles and any bounce towards this is most likely to get sold into.

During the week, some of the larger private banking names cooled off a bit after recent marathon rally. The broader market too saw some profit booking towards the fag end. The real action was seen in some of the smaller PSU banking stocks as well as few underperforming marquee PSU counters from the energy space. The coming week is likely to be actioned packed; because markets are placed interestingly going into the monthly expiry. Traders are advised to stay light and should avoid aggressive bets on the long side."


Source: Equity Bulls

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