Market fails to capitalize on the positive opening: Angel Broking
Market Wrap-up by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking):
"On the back of positive global cues, we started the session on a positive note, but once again our markets witnessed selling pressure and corrected by about 200 points from the opening level. However, we recovered some of the losses in the last hour of trade and ended the day marginally in the red.
Although Nifty has opened marginally positive in last couple of sessions, there has been no follow up buying and infact it has traded with a negative bias. Today, for most part of the session the index traded under pressure but it trimmed the losses in the end on talks of some stimulus package by the government in the near future. We have been cautious on the market recently and our strategy to remain light on trading positions has played out well so far. Now, the index is near to its immediate support zone of 11000-10950. On the flipside, 10250-10300 remains an immediate resistance zone. The index could consolidate within this range in next couple sessions and we could also seen some swings within the range on the expiry day. Hence, we continue to advise traders to avoid aggressive positions and watch for further developments."