Nifty hovers around 15200 with no real excitement : Angel Broking

Market Wrap-up by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking):

"Nifty started the day on a positive note and it initially seemed that the index was all set to surpass the 15300 mark and continue the rally. However, the banking space did not extend the support today due to which the Nifty consolidated within a narrow range and ended the day with negligible gains.

It was a day of consolidation for our market as we saw some tentativeness at higher levels. However, there was no selling pressure as well and thus, the near term trend continues to be positive. Hence, traders should continue to trade with a positive bias and look for buying opportunities on intraday declines. The intraday supports for the index are placed around 15165 and 15135 whereas resistances are around 15300 and 15335. We expect the market to gradually move higher and surpass the resistances to march toward new highs in the near term. Hence, buying on dips and having stock specific trades remains a pragmatic approach."

Source : Equity Bulls

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