Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"We had a flat to positive opening today as indicated by the SGX Nifty early in the morning. This was followed by a gradual up move with lack of momentum for the major part of the day. However, during the penultimate hour, all of a sudden, bundle of heavyweight constituents started facing severe selling pressure and as a result, the Nifty dropped inside the negative territory within no time. Eventually, we ended the session well below 11600 by losing nearly two tenths of a percent.
There was couple of weak attempts made during the session to hop into a safe territory. But yesterday's sell off weighted down heavily and these attempts eventually got sold into. The banking space once again became the major culprit in this decline. With this, the banking index has slipped below its recent swing low; but our benchmark Nifty till now, has somehow managed to defend its key support of 11549. It would be very crucial for the banking universe to come back strongly and help the benchmark defending its key support.
Let see how things pan out and since we are heading towards the April series expiry, we may see some volatile moves in couple of days. At this juncture, traders are advised to see how index behaves around 11549 and a violation of the same on a sustainable basis could trigger further correction towards 11475 - 11400 or may even get worsen. On the flipside, 11653 followed by 11705 remain to be immediate hurdles."