Index remains directionless, but latter half of February series panned out well for broader market: Angel Broking
“The ambiguity continues in the market on the back of geopolitical concerns on both domestic as well as global front. We had a gap up opening today; but it was merely a formality. Index immediately gave up this early morning lead and then slipped into a consolidation mode. Last couple of hours of trade saw some volatile swings, which has more to do with the derivative expiry. Eventually, Nifty closed with a nominal loss tad below the 10800 mark.
We are seeing no clear price action in index since last 3 – 4 days and it is very obvious considering the recent developments on the geopolitical front. We can see a trading range of 200 points i.e. 10930 – 10730 and only a sustainable breakout in either direction would lead to some trended move. Till then one should avoid trading aggressively. However, having said that, the real action clearly lies outside the index. In Fact, this has been the highlight of the February series, especially in the latter half. Unlike previous series’, we did see lot of individual pockets buzzing despite index do not have a clear direction. Hence, going ahead, it’s advisable to keep focusing on such potential candidates with a proper exit strategy.”