Heavyweights led to some correction, 11549 becomes a key support: Angel Broking
Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"Yesterday's smart recovery was followed by a disappointing start mainly on the back of unfavorable cues from the global peers. During the first half, index made couple of valiant attempts to move towards the 11700 mark; but all those attempts turned unsuccessful. In fact, the selloff aggravated post the midsession to eventually sneak below 11600 on a closing basis. Clearly, some of the heavyweights like HDFC Twins, Reliance and marquee IT names became the culprits for this intraday correction.
Honestly speaking, looking at yesterday's up move, we were expecting much better session today. Unfortunately, it did not go the way we wanted to. On the higher side, the mentioned 'Falling trend Line' resistance of 11675 acted as a sturdy wall and hence a weak attempt to surpass this barrier was turned down. But since we are still in a consolidation range, we are now at the lower end of the range i.e. 11569 - 11549. Going ahead, this support zone would be closely watched by the traders. A sustainable move below this would result into an extended correction; whereas, in our sense, we would probably be able to hold it and then move higher. On the flipside, the immediate resistance is now placed in the zone of 11638 - 11675 levels.
At this juncture, it's advisable to keep a note of all above mentioned possibilities and one should keep focusing on individual stocks, which may provide better trading opportunities."