Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"Post the mid-week holiday, Index started with a marginal negative opening, however, the weakness from the global peers dragged Index further to retest previous session low. Subsequently, Index managed to defend previous session low and after a bounce-back witnessed choppy moves throughout the session to end near opening levels with loss of 0.40% at 11314 levels.
On the weekly options expiry session, Index lacked clear direction and ended with a 'Doji' pattern on the daily chart which suggests uncertainty amongst market participants. Our sense is Index is in the corrective phase after the recent sharp rally of around 1000 points seen after the positive announcement by FM. In such a scenario we see 11200-11250 as a sacrosanct level which is a confluence zone formed by key retracement level and a band of averages (50,100,200 DMA). The bias remains positive as long Index holds these levels. On the flip side, immediate resistance is placed around the high of doji pattern at 11370 and sustained trade above the same can resume the uptrend back towards 11550-11700 levels. For the coming session, the volatility is likely to spike up with the key RBI policy to be announced hence traders are advised to take a stock-specific approach with proper risk management strategy."