Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"Globally, there was no major trigger for the financial markets and in-line with this; we too had a flat start around 10850. During the first half, Nifty gradually corrected a bit and then consolidated for the remaining part to conclude the session with nearly three tenths of a percent loss from the previous close.
Today was a day of boredom or in technical terms we can call it as a consolidation. The intraday price action does not give any indication as the day turned out to be the lackluster one after yesterday's massive intraday swings. We are still dangling around the higher end of the 'Triangle' as well as the 'Diamond' pattern. It seems that markets are awaiting some triggers to confirm these patterns. In the upward direction, a move beyond 10870 would unfold the rally towards 10940 and above. On the flipside, 10801 followed by 10733 would now be seen as a crucial support zone.
The recent driver 'banking' saw some profit booking after 'Indusind Bank' spoiling the mood post its quarterly numbers. Also, there was no major action seen in other heavyweight peer counters and hence, markets were unable to cross their hurdles. Going ahead, aggressive bets can be taken only after a breakout from the above mentioned levels. Till then it's better to adopt a stock centric approach and follow strict stop losses for existing trades."