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Boredom ahead of the event, all eyes on Finance Minister: Angel Broking

Posted On: 2019-07-04 16:46:33

Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):

"All four sessions in the week had a gap up opening; however the margin has not been so great. During the day, we witnessed completely lacklustre moves as there was no participation seen ahead of the major event (Budget). Some small swings were seen in the final hour; but it was certainly not a notable movement. Hence, Nifty eventually ended tad below the 11950 mark by adding one fourth of a percent to the previous close.

It was very much unlike an (weekly) expiry day for our market and traders looked a bit conservative ahead of the event. Few budget related themes played out on some expectations but overall, not a major development in the market. As far as index is concerned, chart looks a bit tired, which is not at all an encouraging sign. However having said, it's a sign of less participation and hence, all eyes would be on Finance Minister tomorrow. We hope to see favourable announcements which will boost trader's sentiments going ahead. On the higher side, 12000 remains to be a sturdy wall and we still remain hopeful for it to be demolished quite soon. On the lower side, 11900 and 11814 would now be seen as key supports for the index."


Source: Equity Bulls

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