Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"Our markets kicked off with a decent upside gap as the global set up was just ideal for such kind of head start. Subsequently, index consolidated for a while by maintaining overall upward bias. However, post the midsession, index abruptly took a nosedive and gave away nearly 100 points before anyone could realize. Fortunately for us, this pessimism didn't last long as we saw strong buying emerging at lower levels. As a result, we had a v-shaped recovery in last one hour of trade to eventually conclude almost at the highest point of the day.
Today's price action was quite interesting as we saw wild swings on both sides. The volatility has risen and this is what we have been vocal about since last couple of days. The closing point is almost near to the opening point, but the kind of recovery we had, it certainly bodes well for the bulls. We have been talking about the 'Triangle' pattern and we are now on the verge of breaking out in the upward direction. For the coming session, a move beyond 10870 would unfold the rally towards 10940 and beyond levels. On the flipside, 10733 has proved its significance and now has become a sacrosanct level for the market.
The banking pack is clearly on a roll since few days and the way it's shaped up, we would expect this heavyweight pocket to continue its dominance."