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Indices remain volatile with no clear direction : Angel Broking

Posted On: 2021-03-08 09:12:27 (Time Zone: Arizona, USA)


Market Wrap-up by Mr. Rajesh Bhosale, (Technical Analyst, Angel Broking):

"Today, our markets opened with handsome gains tad above 15000 levels despite SGX Nifty was indicating a muted start. In the first-hour, the move got extended beyond 15100 levels. However due to lack of follow-up buying, Nifty gave up all its gains and eventually ended with marginal gains tad above 14950 after witnessing some choppy moves.

Quite similar to the last week, the trending moves were missing and as soon as it seemed that the market is catching its trend; prices would reverse in the opposite direction. Technically, not much has changed on the daily chart however if we meticulously observe the hourly chart it seems the prices are trapped within a Symmetrical Triangle pattern. Today, prices twice faced resistance around the higher range of this pattern, and going ahead as long as we don't see a sustained trade above 15100; intraday bounce may continue to get sold into. On the lower side, 14900 - 14860 can be taken as the lower side of this pattern and a slide below it can trigger a much-awaited price correction. Traders are advised to keep a tab on the above-mentioned levels and trade accordingly.

The broader markets continue to outperform as individual counters from the midcap basket continue with their mesmerizing move. Going ahead, we would advise to be very selective and avoid aggressive bets. In addition, the bank nifty is placed around the make or break levels around 34600 - 34700 and it being a key driver of our markets we need to keep a close watch on these levels too."


Source: Equity Bulls

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