Intraday pullbacks face selling pressure: Angel Broking
Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"Nifty started the session marginally positive today; however, it was mere a formality as we immediately witnessed correction and within first half an hour, Nifty sneaked below 11100. The index gradually pulled from the lows, but the bears continued their dominance and the pullback move was sold into to eventually end the day with a loss of about 100 points around 11150.
The previous sessions correction clearly had an impact on the open as the flat to positive opening was immediately sold into. The index then made an attempt to recover some of the losses during the day, however it again witnessed some selling pressure around 11250 and corrected in the later half. In three trading sessions, the index has corrected sharply and the undertone still continues to be bearish. However, post this sharp correction, we now expect some volatility on the both the sides and hence, traders needs to be very agile in stock selection and taking an exit. The banking index which has been a spoilsport, is now trading around its support zone of 20900-21000 from where we had seen pullback moves several times in the recent past. However, until any reversal seen, one should avoid any kind of bottom fishing. The immediate support for Nifty are placed around 11100 and then at 11000-10950 zone whereas resistance is seen around 11250-11300. Traders are advised to trade with a stock specific approach and avoid aggressive positions."