10138 - 10000 should be considered as a key trading zone: Angel Broking

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

"Our markets opened on a flat note on the back of mixed global cues. In fact, the entire day's price action was a replica of previous session as we saw index oscillating in a small range with some profit booking taking place near historical highs. As a result, the Nifty once again closed below the 10100 mark after making yet another attempt to kiss the high of 10137.85.

The kind of activity we are observing since last couple of days is quite obvious as traders seemed a bit unsure whether the market has the strength to cross record highs or not. Hence, the next round of momentum in the upward direction is possible only after surpassing this hurdle. Until then we are likely to witness similar kind of uncertainly in a range of 10000 - 10138 with slightly higher volatility. At present, one needs to closely keep a track of these important levels on the index and meanwhile, keep focusing on individual stocks in order to obtain better trading opportunities."

Source : Equity Bulls

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