Weekly Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"Trading for the week kick started on a positive note slightly above 11700, very much in-line with other Asian peers. However, it looked like a fragile gap up opening and hence, markets started coming off immediately from opening trades. In fact, the selling aggravated as the day progressed and hence, we not only erased early morning gains but also went on to sneak well below key support levels. During the remaining part of the week, index consolidated within the range of Monday's session with lot of stock specific moves. On Friday, we saw good traction throughout the day and hence, Nifty eventually managed to close well above the 11600 mark.
Recently, markets had run up quite sharply and generally after such a relentless move, markets needs to undergo either 'Time-wise' or 'price-wise' correction. What we are experiencing is a part of that time-wise correction. Such development is considered a healthy move if markets has to unfold further legs in the upward direction. As far as levels are concerned, we are trapped in a range of 11761 - 11549 and a decisive breakout on either side would bring back some momentum in the market. In our sense, even if we slide below 11549, the trend does not change and hence, we would rather interpret it as a good buying opportunity.
In any kind of consolidation, it is hard to give time projection; but according to us, it's a matter of time, we would see Nifty going beyond 11761 and enter an uncharted territory. Whether this happens before the election verdict or not, the time will tell us. Till then traders are advised not to have a contrarian approach and should rather look to identify potential candidates in order to fetch higher returns."