Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"A global turmoil is weighing down heavily on our markets since last couple of days. We had wild swings on both sides in first couple of hours. However, yesterday's high of 10810 acted as a stiff hurdle and throughout the remaining part, index extended yesterday's fall to eventually sneak below the 10700 mark on a closing basis. There was sustained selling seen across the broader market to eventually conclude the session with over a percent cut.
Today's correction was augmented after breaking yesterday's low of 10735 and in the process; the index went on to retrace its recent up move by 61.8%. Now if we look at the daily chart meticulously, the index is now trading around the 'Upward Sloping Trend line' coupled with the vicinity of 61.8% and 100% retracement levels of 10670 and 10620, respectively. Index is now around the 'make or break' levels and thus, the coming session would become a crucial one as it may dictate the near term direction for the market. One needs to keep a close eye on these key levels and importantly, how things pan out globally which have been the party-spoilers of late.
At this juncture, it's better to stay light and ideally should avoid trading aggressively till the time volatility subsides globally."