Tail end correction drags Nifty below 14900, Metals continue with their dream run - Angel Broking
(Time Zone: Arizona, USA)
Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"We had a gap up opening today owing to favourable cues from the global peers. Since we kick-started the session beyond the recent hurdle of 14900, the lead extended in the following hours. Things were looking extremely rosy for the major part of the session and lot of individual themes did extremely well. But all of a sudden at the stroke of the penultimate hour, the Nifty nosedived towards 14800 before anyone could realise. Fortunately, the fall restricted around the psychological mark and we had a modest recovery in last few minutes of trade to regain the positive terrain at the close.
Since last twelve trading sessions, we were unable to go beyond the sturdy wall of 14900. Today, at the opening we managed to conquer it and for the major part of the day, we maintained a good positive posture to extend gains at the mid-session. However, we were a bit sceptical of this up move during the day and did not get carried away by this. This strategy played out well as we witnessed a sudden correction in the last hour to refuse the daily close above 14900. For the coming session. 14900 - 15000 remains to be a key resistance zone and till the time we do not confirm a convincing close above it, we would avoid aggressive bets on the long side, especially in sensitive names. On the downside, 14800 followed by 14750 would be seen as immediate supports.
Traders are advised to keep a close tab on above mentioned levels and should continue with a stock centric approach; because still there are bunch of interesting themes that are doing exceedingly well in the market."