Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"We had a flat opening today owing to mixed global cues. However, during the first half an hour of the trade, we saw strong bout of buying to push the index near yesterday's high of 11359.75. In fact, in this process, Nifty managed to surpass it by a small margin and then similar to recent trend, this lead got sold into. Thereafter, index struggled throughout the remaining part of the day to eventually conclude the July series at two month's low.
During the day, we saw couple of attempts to show some strength but seem that market is extremely dejected and is not willing to show any kind of stability. This is typical kind of scenario, when market tries to prove 'hope trade' wrong and till the time, traders are not giving up, similar sort of underperformance is likely to continue. As far as levels are concerned, 11200 - 11108 would be seen as immediate levels in the downward direction and on the flipside, 11300 followed by 11360 continue to act as a sturdy wall.
Today, there was lot of stock specific action seen in the market. Amongst the heavyweight pockets, the 'IT' was clearly bucking the trend, which was somehow trying to defend the benchmark. Also, few Pharma names kept buzzing throughout the day and eventually saw a complete gush towards the closing point of the day. Do watch out for these names as we expect traction to continue in the forthcoming session as well."