Index consolidates while broader markets outperform: Angel Broking
Market Wrap-up by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking):
"Post the extended weekend, our markets opened on a positive note near the 9100 mark. The index inched higher in the first half-an-hour, but it gradually gave up the gains in rest of the session and ended the day on a flat note.
In our previous report, we had mentioned about the index consolidating in narrow range of 9000-9200. The index traded within this range throughout the day wherein it corrected from the high of around 9160 and tested the 9000 mark. From this support, the index saw some pullback to end the day around 9030. However, inspite of the consolidation in index, the broader market showed relative outperformance (including the banking index) as the market breadth was healthy. The index has ended the session tab above the support of 9000 but we are still hopeful of some upmove till this support is intact on closing basis. Hence, traders are advised to look for stock specific buying opportunities and trade with a positive bias. On the higher side, 9200 remains the immediate hurdle and once this resistance in taken out, we can expect some momentum towards 9300-9350 in the near term.
A lot of individual themes such as cement, metals and other midcaps showed some good traction in today's session. Traders are advised to identify such outperforming pockets on a given day and participate in stocks with good volumes from such sectors."