Market struggling at higher levels, approaching crucial supports: Angel Broking

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

Yesterday's massive cut was followed by a good bump up at the opening; courtesy to some relief move in global peers. This was followed by some consolidation in the first half as index kept flirting slightly above yesterday's close. However, in the latter half, the selling momentum aggravated across the board and as a result, the Nifty not only pare down all gains but also went on to close with a cut of nearly a percent.

Clearly, our markets are struggling at higher levels and today, despite global peers suggesting some strength, we completely shrugged them off towards the latter part of the session. The major culprit in this late sell off was the financial stocks. Some of the marquee banking names along with NBFC stocks, started falling ferociously and this development weighed down heavily on our market. Now, with today's move, the bears have put up a sturdy wall around 9400-9450 and till the time we are trading below it, things are going to be a bit difficult for the optimists. Before this, the intraday resistance can be seen at 9300-9350.

On the downside, we have now reached crucial support zone at 9200. A follow through selling below this would extend the correction back to 9100-9000. Since, market is struggling at this moment, traders are advised not to take aggressive longs till the time we do not surpass 9400-9450. At present, one needs to stay light and can keep focusing on stock specific moves in both directions."

Source : Equity Bulls

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