Geopolitical concerns keeps market on toes: Angel Broking
Daily Market Wrap Up - Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"After yesterday's wild swings, our markets started slightly lower on the back of sluggish negative cues. However, the initial decline was immediately bought into and thereafter index slipped into a consolidation mode. In the midst of this, index slowly and gradually moved towards the 10000 mark. However, once again we failed to sustain at higher levels and saw a decent dip in last one hour of trade to conclude with nominal cut.The entire world is already fighting with the pandemic since last few months and we are obviously not spared with it. Somehow market already seems to have discounted it and has seen some smart recovery in last couple of months.
But now, tensions at the India-China border is keeping our market on it's toes. This is clearly getting reflected in prices, the way market is behaving since last couple of days. Technically speaking, Nifty is struggling to surpass the sturdy wall at 10000 and at the same time, 9800-9700 has become a key support zone. Any negative development on the domestic as well as global front, will lead to a breakdown below these levels. However until then, there is still a ray of hope and a move beyond 10000 would strengthen the upside rally. Let see how things pan out over the next few days.
Although we are still a bit hopeful, we advise traders to stay light in the range of 10000-9700. A breakout in either direction would trigger a trended move and accordingly one should then be prepared with the next plan of action."