Consolidation to continue, range remains at 8982 - 8826: Angel Broking

Daily Market Wrap Up by Mr. Sameet Chavan - Chief Analyst - Technical & Derivatives, Angel Broking

Technical Outlook

An inaugural day of March derivatives series started on a flat note owing to mixed global cues. However, the index gradually kept on sliding lower to conclude the session with half a percent cut from its previous day''s close.

Last week, we saw our markets hitting new all-time highs; but clearly market is facing some resistance at higher levels. In technical terms, we would construe it as a profit booking which is quite obvious to see after witnessing a massive rally of over 1000 points in Nifty over the past couple of months. Despite this our directional view remains unchanged (bullish) and we expect the index to hit new all time high soon. For the coming session, 8880 - 8850 would act as a strong support; whereas, on the upside, 8931 - 8982 would be seen as an immediate hurdle for the index. With reference to our previous article, we would expect continuation of this consolidation phase within the range of 8982 - 8826 before resuming the higher degree up trend. Hence, any dip would be a buying opportunity and meanwhile as witnessed in today''s session, one should keep concentrating on individual stocks which are likely to fetch higher returns.

Source : Equity Bulls

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