Some breather at record highs, 15400 becomes immediate support : Angel Broking

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

"Yet another session started higher to post a new high beyond 15600. However in the absence of few heavyweights' contribution, market could not extend the lead; in fact, we saw some minor profit taking in the first half. This was followed by a complete lull for the remaining part of the session. Eventually Nifty ended the session slightly below 15600 with negligible losses.

Barring the initial movement in the first half, the index remained in a slender range of merely 70 points, which is a clear indication of no real movement in index. Since we are trading in an uncharted territory some sort of in between breather is quite evident. We may even see a couple of profit booking sessions as well and even if that happens it should be treated as a general phenomenon because market cannot keep rising every day. The undertone remains bullish and till the time we do not see some reversal signs, one should use every decline as a buying opportunity. For the coming session, 15430 - 15400 are to be seen as key supports; whereas on the higher side, every 100 points (round figure) move from hereon should be considered an intraday level in the northward direction. Before this today's high of 15660 to be considered as immediate resistance.

Unlike previous sessions, the stock specific action today was also not encouraging at all. The stock picking was a bit tedious task and hence going forward one needs to be very choosy while doing this exercise. We reiterate on avoiding aggressive bets and one should strictly follow a proper risk management."

Source : Equity Bulls

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