Global markets leads to negative sentiments: Angel Broking
Market Wrap-up by Mr. Ruchit Jain (Equity Technical Analyst, Angel Broking):
"The indices opened gap down in today's session owing to the negative cues from the global markets. The index remained under pressure throughout the day to end with a loss of over two and a half percent. Post the announcement of the Covid relief package by the Prime Minister, our markets rallied higher in yesterday's session. However, in last two trading sessions the global markets have been under pressure and the effect of the same was seen in our markets today. Nifty opened down with a gap of about 170 points and traded with a negative bias to end tad below 9150. It seems that our market is not yet out of the consolidation phase as there was no follow up buying post yesterday's upmove. In the recent past, Nifty has traded in a range and there is no sign of a directional move yet. As far as levels are concerned, the support end of this consolidation is in the range of 9000-9100. It would be important to watch how the index behaves around this support as a breach of the same could lead to a resumption of correction. On the flipside, 9350 followed by 9450 are the immediate resistances for Nifty. In this consolidation, traders are advised to take stock specific approach and keep a tab on the above mentioned levels."