Stay light to avoid wild swings in the market, 11400 to watch out for: Angel Broking
Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"Towards the fag end of the last week, tensions over the Sino-US trade war cooled off considerably and hence, the global markets looked cheerful; hoping for some positive developments hereafter. We too had a rub off effect of it and very much on expected lines, continued northward trajectory towards the 11400 mark. In fact, we did spent some time beyond it; but all of a sudden, massive selling triggered in last 45 minutes of trade and before anyone could realise, we were off more than 100 points from the high. Eventually, Nifty somehow managed to close marginally in the positive territory.
Looking at the recent wild swings in indices (especially in Bank Nifty), retail traders are finding it extremely difficult to trade as there is no clear direction and to make it worse, market corrects all of a sudden to catch traders on the wrong foot. As far as immediate levels are concerned, 11300 followed by 11250 would be seen as immediate supports; whereas on the higher side, it would be important for Nifty to spend at least one day beyond 11400 to unfold further rally towards 11540 - 11600. Meanwhile, it is necessary to stay light within this range and should ideally look to trade within the band. However having said that, we could see ample of opportunities apart from index trades as so many individuals stocks are still providing better and more importantly reliable trades."