Market fails to capitalize on positive opening: Angel Broking
Market Wrap-up by Mr. Ruchit Jain (Equity Technical Analyst, Angel Broking):
"The U.S. Futures were trading in the green today morning post the tweet from their President on the control over the Coronavirus. This had a positive impact on the SGX Nifty too which led to a positive opening for our markets. However, the indices failed to show any follow up buying and gradually gave up the gains to end the day with a marginal loss.
The follow up selling post the gap down opening in Monday's session have given an upper hand to the bears and hence, inspite of the positive opening the indices were unable to show any strength during the day. For the near term, 11800-11750 is the immediate support zone to watch out for any pullback move. If the Nifty fails to show any bounce from this support, then it could slide to retest the '200 SMA' followed by the recent swing low which is placed in the range of 11685-11615. On the flipside, 11900 and 11960 are seen as the immediate hurdles.
With the sharp rise in India VIX at the start of this week, volatility could remain high and until we see any strength coming into the markets, traders are advised to focus on risk management and avoid taking any undue risks."