Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"Our markets started the proceedings marginally higher, which was very much in-line with what SGX Nifty has suggested early in the morning. However, we almost had an 'open-high' kind of scenario as index failed to surpass the high made in the initial trade. Mostly, it was a day of consolidation within a very slender range to conclude the day with negligible losses.
Market looks a bit tired now and it is quite evident to have such kind of exhaustion after rallying more than 6% in such a short span. We have been indicating about such possible consolidation; however, we continue to remain upbeat on the market and advice against adopting a contrarian approach. As far as levels are concerned, 11500 followed by 11451 would now be seen as immediate supports; whereas on the upside, 11556 and 11600 are the next levels to watch out for.
Today, the banking index outperformed our benchmark index by a fair margin; courtesy to big boy 'HDFC Bank' who continues with its dream run. The ideal strategy at this point in time is to keep focusing on individual stocks which are on the move, as we may see momentum to continue in such propositions."