Gravity defying move continues, Nifty touches 15700 on weekly expiry

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

"Markets opened higher today at new highs as suggested by the SGX Nifty early in the morning. During the first half, the market came off marginally but reversed from midway after partially filling up the opening gap. The buying momentum accelerated in the final hour of the session to reach yet another milestone of 15700. Eventually the weekly expiry panned out tad below this by marking daily gains over seven tenths of a percent.

The kind of price action we have been witnessing since few days, the commentary would sound a bit repetitive because there is nothing different to talk about. As we have been mentioning, every 100 points upside level should be treated as immediate resistance and now this level comes at 15800. On the flipside, 15600 would be seen as intraday support and any sustainable move below this point would trigger some mild corrective move towards 15525 - 15450. Only a handful of index heavyweights are giving some notable moves, otherwise the real action still continues in the broader end of the spectrum. Stock from the cash segment are literally roaring and hence it's advisable to stick to this approach.

We reiterate, when market moves in such typical manner, it's better not to get complacent and one should take one step at a time. Also, it would be a prudent strategy to avoid aggressive leveraged bets (especially overnight) because any in between hiccup may spoil your short term trading journey."

Source : Equity Bulls

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