Technical & Derivatives Report - 5th March 2020 - Angel Broking

Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):

"The Nifty index started yesterday's session marginally positive and traded in a range till noon. However, it corrected sharply to re-test the support zone of 11100-11000 and then pulled back higher in the last hour to end with a loss of about 50 points.

In last four sessions, Nifty has traded within the broad range of of 11030-11430 but the volatility continues to be high as we have seen sharp swings on both sides within this range. In yesterday's session too we saw index trading within this range and hence, 11000-11100 is now seen as sacrosanct support for the near term as it coincides near the lower end of the channel on the weekly chart. As of now, a breakout beyond the above mentioned range will lead to a directional move. Traders are advised to keep a tab on the mentioned levels and trade with proper risk management."

Source : Equity Bulls

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