Midcaps show signs of some pullback: Angel Broking
Market Wrap-up by Mr. Ruchit Jain (Equity Technical Analyst, Angel Broking):
"Post a sharp sell-off in yesterday's session, the Nifty index opened on a negative note in today's session. In the initial 15 minutes of trade, the broader markets witnessed a sharp sell-off as the market breadth nosedived to continue the previous day's momentum. However, the index took support tad above the 11000 mark and recovered gradually for rest of the session to end above 11100.
The initial half hour of the trade post opening witnessed significant volatility wherein a panic selling kind of scenario was witnessed. The midcap space then witnessed a sharp recovery from the lows and a gradual upmove was seen throughout the session. However, although the midcaps recovered smartly, most of the index heavyweights consolidated in a narrow range which restricted any significant upmove in the benchmark index. Today's price action indicates that the broader market could see a pullback move in near term, but traders need to be selective in stock picking from a short term trading perspective. As far as levels are concerned, 10950-11000 would be seen as immediate support whereas a pullback move could lead the index towards 11250-11300 range."