9930 – 9880 holds a key support: Angel Broking
“Despite SGX Nifty showing not so great opening for our markets, we witnessed Nifty starting the week slightly in the positive territory. However, this was followed by a long consolidation throughout the remaining part to end the session precisely around its opening level.
As far as index activity is concerned, it was certainly a neutral day for our market as we did not see any kind of trader’s participation; resulting into a ‘Doji’ candle on daily chart. The pattern itself does not have any significance; but, indicates uncertainly among traders’ fraternity. We still believe that one should avoid aggressive longs in the index at this juncture and should rather focus on individual stocks that are offering trading opportunities in both directions. For the coming session, 10015 – 10043 would be seen as immediate hurdles; whereas, on the lower side, any sustainable move below 9959 would result into some weakness towards 9930 – 9880 levels.”