Stimulus fails to excite, 9000 a key support to watch: Angel Broking
Weekly Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"It was clearly a week of consolidation despite PM Modi announcing a gargantuan stimulus package of 20 Lac crores. There was initial reaction seen at the opening on Wednesday; but didn't have enough strength to buck the global trend. We kept sliding gradually throughout the remaining part of the week to eventually close with a cut of a percent as compared to the previous weekly close.
It was disappointing to see our markets failing at higher levels despite such a massive trigger. Hence, it is clear now, market participants are focusing more on global developments and if market needs to see some uptick in the market, we must have some relief with respect to US-China trade deal as well as the Coronavirus pandemic. Till then Nifty is likely to remain in the range of 9500-9000. In last couple of weeks, we have seen bears respecting the key support of 9000 and every time we move closer to it, some buying tends to emerge. Hence, till the time we are holding 9000, the bulls should remain hopeful; whereas on the other side, it would be important to see whether we break the higher boundary or not.
At this juncture, the pragmatic approach would be to stay light within the range and should focus more on potential movers. Despite market remaining in a range, we have seen good trading opportunities in few individual pockets."