Watch out for 9830 - 9850, however keeps following stock centric approach: Angel Broking

Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):

"Barring some small correction in the midst of the day, the overall intraday activity was range bound with a positive bias. Although, we did not see any major price action in index, the stock specific action was so encouraging and as a result, the Nifty eventually managed to close almost at the highest point ever beyond the 9800 mark.

There is no respite for the market as we can see small intraday dips getting bought into. Although, we are participating with stock specific long ideas; the index still does not give any comfort to change our cautious stance. We need to keep our rigidity intact as we generally see such kind of euphoric moves in the latter stage of any rally. Hence, it becomes very difficult to give precise levels in such kind of extended moves. As far as index view is concerned, we continue to remain cautious on the market and would advise staying light in the market (index specific longs should be booked). However having said that, one should not be ignoring the kind of spectacular trading opportunities individual stocks are offering.

On daily chart, the 'Shooting Star' pattern formed on Tuesday remains intact and hence, going ahead, 9830 - 9850 continues to remain a strong hurdle for the index. On the flipside, 9778 - 9700 would be seen as immediate support levels."

Source : Equity Bulls

Keywords